Massive power outage recently seen again in Caracas, Venezuela may cause Russia's second largest oil producer Lukoil (LUKOY) to seek more stable growth. Considering the company's CEO said last month they wanted to expand Lukoil's presence in China with increased exporting of oil and gas, the recent power outage in Venezuela, which affected 70% of the country's population, may only intensify the allure of gaining Asia partners, especially since they already have relationships with PetroChina (PTR) and Sinopec (SHI).
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Venezuela Power Outage May Speed Lukoil's Exit
This Russian oil giant is making moves to follow the money, and that can't happen if the lights aren't on.
About the Author
John Licata is the Founder & Chief Energy Strategist of Blue Phoenix Inc. You can follow John on Twitter @bluephoenixinc
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