Russia's National Oil Consortium and Venezuela's state-owned oil company Petroleos de Venezuela SA have signed an agreement to set up a joint venture to develop the Junin-6 oil block in Venezuela, Russian Prime Minister Vladimir Putin said Monday, according to the Prime-Tass news agency.

The National Oil Consortium was created to conduct operations of Russian oil and gas companies in Venezuela. The members of the consortium are Rosneft (ROSN.RS), OAO Gazprom (GAZP.RS), Lukoil Holdings (LKOH.RS), Surgutneftegas (SNGS.RS), and TNK-BP Holding (TNBP.RS), each with a 20% stake.

Investments in the Junin-6 project are expected to amount to over $10 billion, Russian Energy Minister Sergei Shmatko said.

The Junin-6 oil block is located in Venezuela's Orinoco River region. The oil output at the block is expected to amount to 450,000 barrels of heavy oil a day.

Agency Web site: www.prime-tass.com
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