• Most Popular
  • Most Shared

Russia's Medvedev to discuss oil consortium in Venezuela

LIMA
Sun Nov 23, 2008 2:20pm EST

LIMA (Reuters) - Russian President Dmitry Medvedev will discuss the creation of a joint consortium to further develop the Orinoco oil field during a visit to Caracas on Wednesday, the deputy head of gas giant Gazprom said.

"The consortium will be the main theme (of energy talks in Caracas)," Gazprom's deputy head Alexander Medvedev told reporters on Saturday.

"We hope certain agreements on this will be reached," he added. Medvedev was speaking on the fringes of the summit of APEC Asia-Pacific Economic Community summit in the Peruvian capital Lima.

The Russian president will fly to Venezuela after taking part in the APEC summit and visiting Brazil.

The consortium has been discussed by five Russian energy companies -- Gazprom, Rosneft, Lukoil, TNK-BP and Surgut -- and Venezuela's state oil company PDVSA. But some analysts have said the recent plunge in oil prices could make it less lucrative.

Alexander Medvedev said the final decision on creating the consortium would follow the singing of an intergovernmental agreement between Russia and Venezuela, which is now in works. He gave no details.

(Writing by Oleg Shchedrov; Editing by Kim Coghill)


More from Reuters

Major hurdles cleared in Geely bid for Volvo: source

HONG KONG (Reuters) - Ford Motor and Zhejiang Geely have addressed most of the big issues in the pending sale of Ford's Volvo car unit to the Chinese automaker, a source with knowledge of the talks said on Wednesday, paving the way for the biggest acquisition of a foreign automaker by a Chinese company.

» More Top News
Malaysians participate in computer attack and defence hacking competition during The 3rd Annual Hack-In-The-Box Security Conference 2004 in Kuala Lumpur on October 6, 2004. REUTERS/Bazuki Muhammad
Commentary:

Year of the breach

Data security breaches are nasty business and should be avoided at all costs, writes Kevin Prince, a chief technology officer at Perimeter e-Security. Here's a look at the biggest breaches and blunders of 2009.  Commentary 

Technology
A condominium under construction is seen in Miami, Florida October 15, 2007. REUTERS/Carlos Barria

Booming in the bust

For most Americans, the housing market collapsed about four years ago. For three real estate heavyweights, it's just getting started.  Full Article 

Housing Market