Russia's biggest oil producer, OAO Rosneft (ROSN.RS), hopes to tap an emerging relationship with a state-run counterpart in Venezuela to buy its 50% stake in a German refiner, business daily Vedomosti reports Friday.
Russia
's
biggest oil producer, OAO Rosneft (ROSN.RS), hopes to tap an emerging
relationship with a state-run counterpart in
Venezuela
to
buy its 50% stake in a German refiner, business daily Vedomosti reports Friday.
Rosneft's interest in the stake may be discussed Friday when Prime Minister
Vladimir Putin pays a state visit to
Venezuela
's
President Hugo Chavez, Reuters cited two industry sources as saying.
State-owned Petroleos de Venezuela SA, or PDVSA, owns half of Ruhr Oel GmbH. BP
PLC (BP) holds the other 50% of the German company, which operates five
refineries in its home country.
A Rosneft representative declined to comment, while efforts to reach PDVSA
failed, Vedomosti says. A source close to Rosneft told the newspaper the idea
of buying German refineries from PDVSA has been discussed for some time, with
no concrete results. It "wasn't obvious" PDVSA wanted to sell its
Ruhr Oel stake, he said.
During Putin's visit,
Russia
and
Venezuela
are
expected to sign agreements creating a joint venture--including Rosneft and
other Russian oil majors--to develop the Junin-6 oil block in the South
American country's eastern
Orinoco
region.
In December 2003, PDVSA announced it would sell its Ruhr Oel stake to Alfa
Group, a privately held Russian financial firm. But the deal collapsed in June
2004 when partner BP complained Alfa would be in conflict of interest as a
shareholder in the TNK-BP oil venture in
Russia
.
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