Lukoil Averts Venezuelan Expulsion With Letter of Apology

OAO Lukoil, Russia’s No.1 private oil producer, avoided becoming the first company expelled from Venezuela following the death of President Hugo Chavez.

Oil Minister Rafael Ramirez told reporters in Caracas today that Lukoil can continue to operate in the country after Andrei Kuzyaev, president of Lukoil’s overseas unit, sent a letter of apology explaining that reports he criticized Venezuela’s investment environment were a “misunderstanding.”