Russian Oil Companies May Team Up in Venezuela, Kommersant Says

Russian oil companies may form a partnership to develop oil projects in Venezuela, Kommersant reported, citing Russian Deputy Prime Minister Igor Sechin. No Russian oil company is ready to make the necessary investments alone to develop Venezuelan oil blocks with ``difficult characteristics,'' the Moscow-based newspaper said today, citing Sechin. Sechin visited Venezuelan President Hugo Chavez on Sept. 16. No new energy deals were signed at the meeting, Kommersant said, citing an unidentified member of the Russian delegation. OAO Gazprom, OAO Lukoil and BP Plc's Russian venture TNK-BP all signed agreements with state-owned Petroleos de Venezuela SA during Chavez's visit to Moscow in July.