CEO says Gazprom Neft has no plans to quit Venezuela’s Junin-6

MOSCOW, Mar 28 (PRIME) -- Russian oil producer Gazprom Neft has no plans to quit the Junin-6 project in Venezuela, CEO Alexander Dyukov told reporters on Thursday.

“We have no plans to leave the consortium (working on Junin-6). We have information about it,” Dyukov said.

“This project is at the stage of geological exploration. There is early development, which allows us to spend the cash flow we get to finance the geological exploration stage. The project does not require any investment from us now. As soon as geological exploration stops, we will make a decision and we will be able to comment on profitability and returns.”

He added that an investment decision will be made in 2019.

Dyukov also said that Gazprom Neft retains interest in projects in Iran. “Conventionally speaking, when the situation changes in terms of the sanctions restrictions, interest of many companies might start to materialize.”

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