One of Russia's largest oil producers is
severing ties with an ambitious project designed to develop an oil field in
Venezuela. Lukoil said on Tuesday that it's selling its 20 per cent stake in
the National Oil Consortium (NOC), which Russian energy companies set up in
2008 to strengthen ties with Venezuela, to Russian state oil company Rosneft. The
deal will take Rosneft's stake in NOC to 80 per cent, with the remaining 20 per
cent owned by Gazprom Neft. NOC and PDVSA, Venezuela's state-backed oil
company, currently have a joint-venture to cultivate a field in the country's
Orinoco Belt. More…
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