Russia’s Lukoil, RusAl Plan Investments in Venezuelan Economy
Created: 05.10.2004 12:14 MSK (GMT +3), Updated: 12:14 MSK, 1 hour 9 seconds ago
MosNews
Following the Moscow visit of Venezuelan Vice President Jose Vicente Rangel, Russia’s Lukoil Oil Company and Russian Aluminium Company (RusAl) announced their plans to make considerable investments in Venezuelan economy.
Venezuelan official met with Oleg Deripaska, the president and owner of RusAl. Deripaska expressed his intention to invest $500 million to establish an aluminium plant in Venezuela. The plant will process bauxite in association with the Venezuelan Guayana Corporation (CVG).
Rangel also met with the management of Lukoil Oil Company, who had also expressed interest in investing in projects in Venezuela. Following the meeting Lukoil released an official statement announcing the Russian oil company’s intention to establish a joint oil production venture with Venezuela’s National Oil Company PDVSA. The proposed joint venture will occupy itself with extraction of oil in the Lake Maracaibo and in Venezuelan Eastern oil basin. The sum of proposed investments in the project was not disclosed.