Lukoil Sells its Stake in Venezuela Project to Rosneft

Source: Reuters 10/3/2014, Location: South America

Lukoil has sold its 20-percent stake in a consortium developing a large oil project in Venezuela to its Russian peer Rosneft, Kommersant daily reported, citing sources close to the talks.

A Rosneft spokeswoman told Reuters "the parties have been in constant dialogue", adding, "They continue to discuss possible condition (for sale)."

Lukoil, Russia's No.2 oil producer, last year said it wanted to sell its stake in the Russian Junin-6 consortium developing heavy oil in the Orinoco basin, in order to focus on other projects. The group is led by Russian state oil major Rosneft and also includes Gazprom Neft.

Kommersant reported that Lukoil might sell its stake to Rosneft for $150 million, with the deal expected to be completed in November. Lukoil was not immediately available for comment. The newspaper said the company declined comment on a possible deal.

The consortium owns 40 percent in the project, which started production in September 2012. Venezuela's state-run PDVSA holds 60 percent.

Venezuela is the world's 11th largest crude exporter but foreign companies operating there have faced price controls and currency devaluations along with threats of nationalisation, prompting several to quit the country.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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