( Itar-Tass ) - Russia's oil giant Lukoil hopes to seal contracts on the oil exploration and development in Venezuela and Turkmenistan before the end of the year, Lukoil President Vagit Alekperov said on Thursday.
"We hope that this year our company and Venezuela will be ready to table a coordinated contract," he told journalists.
In his comments on Venezuelan President Hugo Chavez' words that such a contract could be signed before the end of the year, Alekperov said "it's real from a technical point of view."
"I hope that if not this year, but very soon we will be able to sign a contract in compliance with Venezuela's effective legislation," he said.
"We are conducting talks with ConocoPhillips and the Turkmen authorities to gain the right to explore and develop three blocks. We hope for signing this contract this year," Alekperov said.