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Russia and Venezuela agreed on oil venture
Russia and Venezuela have signed the agreement on establishing a joint venture on the exploration of Junin 6 oil field. The document was signed on February 1st during a meeting of Russia’s prime minister Vladimir Putin with Venezuela’s Energy Minister Rafael Ramires in Moscow. According to Putin, “after today's agreement is ratified by the parliament of Venezuela, the consortium of Russian firms will transfer a bonus amounting to $600 million,". "Today's meeting is the final stage of the work begun one year ago on exploring the largest world deposits Junin 6 , - he said. The Russian prime minister said that it is "just the beginning of a big joint work ". Putin asked Ramires to thank the president of Venezuela Hugo Chavez for the project support. The National Oil Consortium was established in 2008 for exploring the deposits in the Orinoco oil belt in Venezuela. It features LUKOIL, Rosneft, Surgutneftegaz, TNK-BP and Gazprom-oil. Exploration of the Junin 6 oil field could require $30 billion in investment.
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