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Rosneft to Buy Lukoil Venezuela Stake Amid $13 Billion Spree

OAO Rosneft, Russia’s largest oil producer, plans to invest $13 billion in five projects in Venezuela over five years and buy at least part of OAO Lukoil’s stake in a producing field in the South American nation.

Rosneft will buy half or the entire 8 percent stake that Lukoil owns in Junin 6 block in the Orinoco Oil Belt, Rosneft’s Venezuela country head Jerome Auzenne told reporters yesterday at an oil event in Maracaibo, Venezuela. “We might buy all of it or with might split it with” Gazprom Neft OAO, he said.