Russia, Venezuela conclude oilfield deal

Mon, 01 Feb 2010

Moscow - Russia and Venezuela signed an agreement for a joint venture to develop the South American country's Junin-6 oil field Monday. The Interfax agency cited Prime Minister Vladimir Putin as saying the Russian firms Lukoil and Gazprom aimed to invest some 600 million dollars in developing the field.

By Moscow estimates, over 10 billion dollars are slated for investment in developing Junin-6 with its estimated reserves of 53 billion barrels of oil.

The agreement represents a further deepening of Russian ties with Venezuela, with the two countries already having set up close military cooperation.

Source: Earth Times.
Link: http://www.earthtimes.org/articles/show/306992,russia-venezuela-conclude-oilfield-deal.html.