Russian oil giant wants to sell stake in Orinoco project and get out of Venezuela

Thursday, October 3rd 2013 - 06:54 UTC

Full article 6 comments

Lukoil, Russia's second-biggest oil producer wants to sell its stake in a Russian consortium developing a large oil project in Venezuela because it is not a high priority, Lukoil's head said on Wednesday. Read full article

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Britworker
It comes to something when the likes of Russia think you are too untrustworthy to do business with.
Oct 03rd, 2013 - 07:57 am - Link - Report abuse 0
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GeoffWard2
The revolving door syndrome - Russia out ... China in.
Or indeed, says Maduro, anybody with the money as long as its not the USA
Oct 03rd, 2013 - 11:42 am - Link - Report abuse 0
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JohnN
Britworker:
Good point - Russia is very unclean on Corruption Perception Index, but Venezuela ranks even lower:
http://www.transparency.org/cpi2012/results

Coincidence that Lukoil getting out of Venezuela just as Russian government is pushing for huge new subsidies for its Arctic oil exploitation, as well as being willing to charge the Greenpeace activists for piracy in their failed attempt at putting up a banner on the Russian Arctic oil rig.

Much of Venezuela's heavy crude is so heavy that its classed as tar sands product and maybe the Russians just don't want the expense and political hassle that Canada is going through to develop its tar sands - now a huge part of Canada's international oil supply.
Oct 03rd, 2013 - 01:22 pm - Link - Report abuse 0
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ChrisR
2 GeoffWard2
“Or indeed, says Maduro, anybody with the money as long as its not the USA”

Why should the USA bother, they seem to be doing pretty “well” at the moment with their fracking wells.

And you know as “well” as I do that if Maduro is really down to his uppers, he would welcome money from the USA, anything to stave off a revolution.
Oct 03rd, 2013 - 05:38 pm - Link - Report abuse 0
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cornelius
Is sooo Baaaaad that even the Russian wants out!
Oct 09th, 2013 - 03:04 am - Link - Report abuse 0
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GeoffWard2
Maduro and his team are pretty schizophrenic about US investment in VE.
Look at the trade flux over the last few years - a disproportionate benefit to VE.
Oct 09th, 2013 - 12:50 pm - Link - Report abuse 0
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