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, the company indicated yesterday.

Venezuela is the world’s 11th largest crude exporter but foreign firms operating there have faced price controls and currency devaluations along with threats of nationalisation, forcing several to quit the country.

Lukoil’s exit could raise more questions about Venezuela’s ambitious plans to boost stagnant output and the ability of the government to turn the promise of the Orinoco Belt into reality.

Lukoil is part of the Junin-6 consortium developing heavy oil in the Orinoco basin. The group is led by Russian state oil major Rosneft and also includes Gazprom Neft. – (Reuters)