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  • mitpanmitpan mitpanmitpan Oct 4, 2013 2:22 PM Flag

    Russian oil giant wants to sell stake in Orinoco heavy oil project and get out of Venezuela

    This demonstrates why Tamarak will be developed...no politcal risk in canada, only good maple cookies...maybe Russians invest in IVAN.
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    Montevideo, October 4th 2013 - 18:17 UTC

    Russian oil giant wants to sell stake in Orinoco heavy oil project and get out of Venezuela

    Lukoil, Russia's second-biggest oil producer wants to sell its stake in a Russian consortium developing a large oil project in Venezuela because it is not a high priority, Lukoil's head said on Wednesday.
    Lukoil is part of the Junin-6 consortium developing heavy oil in the Orinoco basin
    We made an offer to the consortium to buy out our stake” revealed CEO Vagit Alekperov
    Venezuela is the world's 11th largest crude exporter but foreign companies operating there have faced price controls and currency devaluations along with threats of nationalisation, forcing several to quit the country.
    Lukoil's exit could raise more questions about Venezuela's ambitious plans to boost stagnant output and the ability of the government to turn the promise of the Orinoco Belt into reality.
    Lukoil is part of the Junin-6 consortium developing heavy oil in the Orinoco basin. The group is led by Russian state oil major Rosneft and also includes Gazprom Neft .
    “We made an offer to the consortium to buy out our stake,” Vagit Alekperov told reporters. “This is not a project of a high priority for us.”
    Surgutneftegas and TNK-BP, which was bought by Rosneft for 55 billion dollars earlier this year, have also decided to leave the consortium, citing a need to focus on domestic business.
    The Junin-6 consortium owns a 40% stake in the project, which started production in September 2012, while Venezuela's state-run PDVSA has 60%.
    “The consortium is falling apart ... The companies have understood the political risks and begun to leave the project, one by one,” Alexander Pasechnik, an analyst with the National Energy Security Fund think-tank.

    Sentiment: Strong Buy

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