Seeking Alpha

Lukoil said to be in talks with oil majors to sell Venezuela stake

  • Russian oil producer Lukoil (LUKOY, LUKOF) reportedly has been in talks with international majors about selling its stake in a consortium developing a large oil project in Venezuela.
  • Lukoil has said it wanted to sell its 20% stake in the Russian Junin-6 consortium developing heavy oil in the Orinoco basin to focus on other projects; consortium leader Rosneft apparently made a low-ball offer, and Lukoil has since held talks with Cnooc (CEO), Sinopec (SNP), Statoil (STO), Chevron (CVX), Total (TOT) and various state-run firms.
  • The Russian consortium owns a 40% stake in the project; Lukoil's stake in the consortium is said to be worth ~$200M.
From other sites
Comments (2)
  • youngman442002
    , contributor
    Comments (5131) | Send Message
    anyone who buys this is very stupid....The Socialists will just take it from you in time
    6 Dec 2013, 08:52 AM Reply Like
  • smurf
    , contributor
    Comments (4122) | Send Message
    CVX would have to be on drugs to buy anything in Venezuela. Gads!
    6 Dec 2013, 10:01 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector