PDVSA, LukOil Sign Agreement to Study Joint Ventures

Venezuela's state oil company PDVSA and Russia's LukOil have signed a memorandum of understanding (MOU) in Moscow to study possible joint venture projects and to share information on projects of mutual interest, PDVSA said in a statement Friday.

LukOil's president Vagit Alekperov and Venezuela's foreign affairs minister Alí Rodríguez signed the agreement as part of Venezuelan President Hugo Chávez's visit to Russia.

PDVSA and LukOil expressed interest in evaluating various oil & gas ventures including projects in the Orinoco belt and Gulf of Venezuela. The companies will also study well workovers and refining projects in Venezuela, with the idea that LukOil could eventually buy crude and/or its derivatives from PDVSA through short or long term contracts.

The companies will also exchange information on projects in various other parts of the world that could be of mutual interest, and train each other's personnel in different areas.

"This MOU paves the way for possible joint ventures between PDVSA and LukOil, which in a way strengthens the links of trade, friendship and cooperation between Russia and Venezuela," Rodríguez said.

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