LUKoil is looking into the possibility of constructing an oil refinery in Latin America as part of the prospective joint venture agreement with Venezuela's state company Petroleos de Venezuela (PDVSA), President of LUKoil Overseas Andrei Kuzyaev told journalists today, RBC reports. He did not divulge the projected capacity of the plant, but pointed out that refined oil products would be supplied to foreign markets. Kuzyaev also said that the site for the refinery's construction would be located either in Venezuela or in another country in Latin America.
Kuzyaev added that the joint venture with PDVSA would also produce synthetic oil. LUKoil and Venezuela's authorities are currently in talks on the creation of this joint venture. However, Kuzyaev has expressed hope that the document would be signed before the year-end.