Another Oil Firm Decides to Leave Venezuela

Posted on October 2, 2013 • Filed under: Oil, Venezuela reported that Lukoil, Russia’s second-biggest oil producer, wants to sell its stake in a Russian consortium developing a large oil project in Venezuela because it is not a high priority, Lukoil’s head said on Wednesday. Venezuela is the world’s 11th largest crude exporter but foreign companies operating there have faced price controls and currency devaluations along with threats of nationalisation, forcing several to quit the country. Read Article

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