Russia’s top private oil producer, Lukoil, is closing down its office in Caracas in agreement with Moscow’s decision to use the new Russian National Oil Consortium (RNOC) as its sole representative in the Venezuelan oil industry. At the same time, Lukoil’s strategy in the region has changed as well. Lukoil opened its office in Caracas in 2005, seeking an individual production contract in Venezuela. Output was to be processed in the US, where the Russian major had bought a network of gasoline retail stations on the East Coast and was considering buying a refinery.
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