Lukoil has sold its 20% stake in NOC (National Oil Consortium) to Rosneft.
NOC was established by Russian oil companies in 2008 as part of the Russian-Venezuelan economic promotion.
In 2010, the NOC and Venezuelan company PDVSA registered a joint venture, PetroMiranda, to develop the Junin-6 block in the Orinoco heavy-oil belt.
LUKOIL president Vagit Alekperov, said: “LUKOIL is now implementing a number of strategically important projects, both in Russia and abroad.
“After the sale of our stake in the NOC, we will be able to focus on these particular projects and optimize the investment structure by steering the key financial resources into the asset development at the production stage.”