Lukoil President Vagit Alekperov On A Working Visit To Venezuela
Posted: 16 February 2005
On February 10 LUKOIL President Vagit Alekperov met Rafael Ramirez, the Minister of Energy and Mines of Venezuela being also the President of the National Petroleum Company Petroleos de Venezuela S.A. (PdVSA).
In the negotiations the parties have discussed the progress and outlooks of cooperation based on the Memorandum of Understanding, signed between LUKOIL and PdVSA during the official visit of the President of Venezuela to Russia in November 2004.
The document reflects PdVSA`s willingness to provide new upstream projects in the so-called Orinoco heavy oil belt, new exploration, development and production projects in the Gulf of Venezuela (Lake Maracaibo) for LUKOIL's review for the purpose of possible joint implementation.
In accordance with the Memorandum the parties will discuss acquisition of crude oil and refined petroleum products by LUKOIL from PdVSA by way of both spot transactions and on the basis of long-term agreements. PdVSA will also provide for LUKOIL consideration the proposals on possible cooperation in the area of crude oil refining.
The parties have also expressed their intention to exchange personnel on a regular basis for the purposes of training, re-training and professional development in various areas.
“ Venezuela holds the unique reserves of oil and gas. Certainly, all world petroleum companies are now looking at this country. As part of commenced joint activities LUKOIL opened an office in Caracas . The areas of our interest in Venezuela are Orinoco River and a number of exploration targets in the Gulf of Venezuela . Under a request from the Venezuelan party our company is also reviewing a number of old fields rehabilitation projects. We could increase their efficiency applying Russian technology” – Vagit Alekperov said.
Posted by Editor Pipeline Magazine
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