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NK Rosneft' OAO May Consider Buying NK Lukoil OAO's Venezuela JV Stake-Reuters


Thursday, 3 Oct 2013 09:59am EDT 

Reuters reported that NK Rosneft' OAO may increase its exposure to oil in Venezuela, by buying NK Lukoil OAO stake in a consortium. Lukoil, has said it wants to sell its 20% stake in the Russian consortium. Lukoil is part of the Junin-6 consortium developing heavy oil in the Orinoco basin. The group is led by Rosneft and also includes Gazprom neft’ OAO. The Junin-6 consortium owns a 40% stake in the project, which started production in September 2012, while Venezuela's state-run PDVSA has 60%. Russian media have speculated that Lukoil's stake in the Russian consortium could be worth around $200 million.