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11 September 2009 at 17:00 IST
Russia, Venezuela ink oil package pact
MOSCOW (Commodity Online): Russia and Venezuela signed on Thursday a package of deals, including one to develop the Latin American country's Orinoco oil belt, with estimated reserves of 235 billion barrels of heavy oil.
Venezuela's PdVSA state oil firm and a consortium of major Russian producers signed a memorandum of understanding on cooperation in Orinoco, and a separate memo on establishing a joint venture to develop the Junin-6 field.
PdVSA also signed agreements with Russia's pipeline monopoly Transneft to build infrastructure in the Orinoco belt and another deal with oil giant Rosneft. The documents were signed during President Hugo Chavez's two-day visit to Russia.
The consortium of Russian producers to work with Venezuela's PDVSA state oil firm includes TNK-BP, Rosneft, LUKoil, Gazprom Neft and Surgutneftegaz.
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