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Market Chatter: Russia Lukoil Said to Be Consider Purchase of 48% Stake in Canada's Velvet Energy

· 02/05/2021 10:00

02:54 PM EST, 02/05/2021 (MT Newswires) -- Russia's Lukoil, one of the world's largest oil producers, is said to be eying a minority stake in a privately held Alberta oil producer to gain a toehold in the prolific Montney shale field, BNN Bloomberg reported on Friday.

Citing unnamed sources, the news service said the Russian company is considering buying 48% of Velvet Energy Ltd from the Canada Pension Plan Investment Board and Warburg Pincus LL.

Velvet produces 25,000 barrels of oil equivalent per day.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)