Russian President Dmitry Medvedev welcomes Venezuelian President Hugo Chavez, right, prior a meeting in Orenburg, about 1300 kilometers (800 miles) southeast of Moscow, on Friday, Sept. 26, 2008.
Photo: AP
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Venezuela’s PDVSA to Control Joint Consortium with Russia
Gazprom, Rosneft, TNK-BP, Surgutneftegaz and LUKOIL will represent Russia in the oil and gas consortium with Venezuela to be set up by the spring of 2009 at the latest. But Venezuela’s Petroleos de Venezuela S.A. (PDVSA) will control the consortium, RF Energy Minister Sergei Shmatko told journalists after sealing the mutual understanding memorandum with Venezuela’s energy and oil ministry in Orenburg, RIA Novosti reported.
“We have signed a memorandum between the RF Energy Ministry and Venezuela’s Energy Ministry, undertaking to work out a special intergovernmental agreement in the near term that will govern our relations in the oil and gas field. The draft of intergovernmental agreement will provide for establishment of joint Russia’s-Venezuela’s consortium with the stakes of Venezuela’s national oil company and of a number of big companies of Russia,” the official said.
Shmatko said Russia’s consortium will be set up at first, and it will create a joint consortium with PDVSA in the next effort. The plans are that the Russians will have equal stakes, but the final decision hasn’t been taken yet.
“I think that the companies will participate in equal shares, but they should agree on between themselves,” the minister specified.
“As to the terms of consortium’s relations with PDVSA, Venezuela has no strict national restrictions. I don’t think we will have the majority stake. PDVSA will get the control,” Shmatko added.
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