The Russians are moving in big time and they want to do it on their own.
The oil has good appeal to them because is the bearer of large profits.
Will gold appeal to them as much ? hopefully they will keep away because they like to have or buy assets only for bankrupted prices.
MOSCOW, December 11 (RIA Novosti) - LUKoil plans to develop the Junin-3 oil deposit in Venezuela on its own, the vice-president of Russia's largest independent crude producer said on Thursday.
"It so happened that we are participating in two projects in Venezuela - a consortium of five Russian companies and Junin-3," Leonid Fedun said, adding that LUKoil had no plans to give up Junin-3 and the block was being appraised.
LUKoil and Venezuela's state-run oil and gas company PDSVA signed an agreement in July on the joint exploration of the Junin-3 block in the Orinoco heavy oil belt.
A joint study will be performed to evaluate the project of extracting extra heavy oil, its further refining in Venezuela and exporting.
