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Wednesday, September 19, 2007

TNK-BP sets sights on Venezuela

19 September 2007 - Upstream OnLine - Russian producer TNK-BP, which is half owned by UK supermajor BP, is keen to enter Venezuela's upstream sector, Russian media has reported. A report published this morning in Kommersant claimed TNK-BP has sent a letter to Russian Foreign Minister Sergei Lavrov asking for state support for its plans to enter Venezuelan energy sector by creating a joint venture with PDVSA. "We have indeed received a letter from TNK-BP, but we can't give details," the foreign ministry's spokesman told Reuters. TNK-BP declined to comment. Yesterday Lukoil reconfirmed its intention to set up a production deal with PDSVA.

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