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Russia's Rosneft may buy out Gazprom Neft’s stake in National Oil Consortium — source

April 20, 2015, 8:18 UTC+3 MOSCOW
Rosneft, which holds 80% in the consortium, plans to increase its share in it to 100%
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©  ITAR-TASS/Alexandra Mudrats

MOSCOW/CARACAS, April 20. /TASS/. Russian oil giant Rosneft majority owned by the government plans to buy out Russian energy giant Gazprom subsidiary Gazprom Neft’s 20-percent stake in the National Oil Consortium producing oil in Venezuela, a source close to the consortium told TASS.

"You are right," the source said when asked whether Rosneft, which holds 80% in the consortium, plans to increase its share in it to 100% by buying Gazprom Neft’s stake.

He added that Venezuela’s state oil and gas company PDVSA, the National Oil Consortium’s partner on development of the Junin-6 deposit, is interested in Rosneft’s operation in Venezuela.

Gazprom Neft refused to comment. A source close to Gazprom Neft said the company is not yet ready to sell its share. A Rosneft spokesman told TASS "the company is not currently holding talks on the buyout of a stake."

PDVSA President Eulogio Del Pino said: "It’s the two Russian companies’ business." He was speaking during PDVSA strategy presentation to major international media.

Del Pino said an increase in Rosneft’s share would be good for his company.

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