Venezuela, Russia join forces on oil ventures

Venezuela and Russia plan to create a giant oil consortium to invest in joint oil ventures.

“They’ve offered us the chance to create an oil consortium…the largest in the world,” Venezuela’s President Hugo Chavez said in televised remarks from Moscow.
The consortium would include state oil company Petroleos de Venezuela SA, PdVSA, and Russia’s Lukoil Holdings, TNK, OAO Rosneft and OAO Gazprom, Mr Chavez added.

Creating this new consortium would raise Russian and Venezuelan relations to a new level, at a time when both countries seek more clout on the world stage.

The ambitious venture would initially develop projects in Venezuela, and later in other Latin American countries, Venezuela’s communications ministry said in a statement.

The Australian