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16

Lukoil Seeking Cooperation With PDVSA

The company was also interested in Venezuelan offshore energy production

Vagit Alekperov, the CEO of Russia?s oil major Lukoil, announced that they were seeking to sign a $1 billion production contract with Venezuela?s PDVSA by the end of this year.

?We?re discussing a number of projects in the Orinoco River basin fields,? Alekperov said at an investors? conference in New York.

Russian largest private oil firm wants to invest up to $1 billion in oil projects in Venezuela, the world?s fifth largest oil exporter. It aims at extend an active expansion policy and is currently looking to widen its oil and gas development operations to the Caspian countries, North Africa, South America and the Middle East Gulf.

Alekperov said the company was also interested in Venezuelan offshore energy production.