Five Russian oil companies have taken an equal share in a deal to produce and refine Venezuelan oil, Russian news agencies reported Sunday.
Rosneft (ROSN.RS), Lukoil (LUKOY), joint Russian-British venture TNK-BP Holding (TNBP.RS), Surgutnefnegaz (SGTZY) and Gazprom each acquired a 20% stake of a company incorporated in Venezuela in October, the chief executive of Russia's top oil producer Rosneft, Sergei Bogdanchikov, told journalists during a visit to Havana.
Oil reserves in Venezuela's Orinoco region are the focus of a series of projects being run in tandem with the Venezuelan government, with deputy Russian Prime Minister Igor Sechin telling ITAR-TASS that improvements to refining the regional output are a key focus.