Lukoil, the largest private oil company in Russia with a close link with the Kremlin, ruled out Wednesday any attempt at replacing ConocoPhillips and ExxonMobil in the operations run thus far by the US corporations in Venezuela.

According to Lukoil Vice-President Andrei Kuziayev, the oil firm has not even pondered such a possibility as the US companies did not agree on a partnership as minority shareholders with state-run oil holding Petróleos de Venezuela (Pdvsa) in the Orinoco Oil Belt, Efe reported.

"We are meant to participate in new projects" in Venezuela, said Kuziayev, as quoted by Russian news agency Interfax.

The official responsible for Lukoil operations abroad noted that he company "is completing exploration in the deposits of Junín 3" located in the Orinoco Oil Belt, pursuant to an agreement reached with Venezuelan authorities.