Vaguit Alekperov, the president of Russian private oil company Lukoil, met Thursday in Moscow with Venezuelan President Hugo Chávez to discuss cooperation projects in Venezuela, reported the firm steering committee.
 
"Alekperov is holding a meeting right now with Chávez. It can be understood why he is doing it," answered Lukoil Vice-President Leonid Fedun, when asked if the oil company planned to start new projects or buy assets in Venezuela, Efe quoted.

Venezuela has "huge oil reserves that even overtake those of Saudi Arabia," Fedun said. However, he noted that access to the deposits is difficult they lodge extra heavy crude oil.

The businessman stressed that Chávez' government sets very tough conditions for foreign investors in the Venezuelan market. However, "the company will not dismay and continue the talks to enter into new projects."