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.

Source: RIA Novosti

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