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Lukoil Head Comes to Venezuela for oil investment talks

Joint investment in the Latin American country's oil and gas sector will be discussed next week with Russia's second largest crude producer Lukoil

Lukoil head Vagit Alekperov is expected to arrive in Caracas on September 15 as part of an official Russian delegation.

The Russian delegation will also include top managers from energy giant Gazprom.

After Chavez’s visit to Russia last July, the Venezuelan government announced Lukoil and Gazprom could invest up to $30 billion within five years in projects in the Orinoco basin. Venezuela is one of the largest oil producing countries in the world, with about 87 billion barrels of proven conventional oil reserves. In addition, it has huge non-conventional oil deposits (heavy oil). Most of these deposits are located in the Orinoco oil belt.