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Venezuela and Russia to set up the world's largest petroleum JV company
AP Photo/Ivan Sekretarev
Russian Prime Minister Vladimir Putin, right, and Venezuela's President Hugo Chavez, left, are seen during their meeting in the Novo-Ogaryovo residence outside Moscow, Thursday, Sept. 25, 2008.CARACAS
Petroleumworld.com, Sept 26, 2008The largest petroleum joint venture of the planet will be set up by Venezuela and Russia, Venezuela's president Hugo Chavez told reporters on his arrival at Moscow airport on Thursday.
Chavez, said that Venezuela and Russia will sign shortly an agreement for the conformation of an energy consortium, the consortium will by headed by PDVSA and Gazprom, and will operate in Venezuela and later in the rest of Latin America.
Chavez added "this is going to be the largest petroleum consortium of the planet".
During a recent visit to Venezuela by Deputy Prime Minister, Igor Sechin both governments evaluated various joint venture agreement to develop venezuela's energy sector with Russian help. Sechin deliver a letter from Vladimir Putin to the president Chavez, with the requested to incorporate Venezuela to Russia's strategic energy alliance.
The new energy consortium will be formed by Russia's Gazprom, TNK and Lukoil, in representation of the Russian nation and by the state-owned Venezuelan oil company PDVSA. The consortium will be under the direction of PDVSA "the giant of America", Chavez said.
With the constitution of this bi national company, Venezuela will be able to carrie out the development of its huge hydrocarbon reserves and the industrialization of the country, " the industrial development of all the country, will come about with the Russian help and will come with a state of the art technology that we do not have ", Chavez added.
This strategic alliance implies "the technological transfer, the development of Venezuela's energy potential and it goes beyond the energy, it is the integral development of the country", expressed the Venezuelan President.
Last week, Gazprom and seven other companies signed deals with PDVSA to develop offshore gas fields.
Venezuela is home to South America's largest natural gas reserves, which are largely untapped due to the lack of expertise, and the country's focus on oil production.
Story by Elio Ohep from Petroleumworld
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