Russian firms to invest 20 bln dollars in Venezuelan oil deposits

CARACAS, September 17 (Itar-Tass) - Venezuelan President Hugo Chavez
said on Thursday that Russian companies were planning to invest 20 billion
dollars into oil extraction oat the Hunin-6 field of the oil-bearing
Orinoco River belt.
"One oil field will daily produce four hundred fifty thousand barrels
of oil," Chavez said in a live televised broadcast.
An agreement to set up a joint venture by the Russian National Oil
Consortium and the State Oil and Gas Corporation of Venezuela 'Petroleos
de Venezuela' was signed during Chavez's recent visit to Moscow.
The National Oil Consortium that will operate exclusively in the
territory of Venezuela includes leading Russian fuel and energy companies
such as Gazprom, Gazpromneft, Rosneft, Lukoil, TNK-BP and Surgutneftegas.
President Chavez said it had taken Russia and Venezuela two years to
set up a joint venture. Despite the fact that each side tried to defend
its own interests, a mutually beneficial agreement was finally reached.

-0-fil/