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Canadian Renaissance Oil becomes partner of Russia’s Lukoil in Mexico

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Canadian Renaissance Oil becomes partner of Russia’s Lukoil in Mexico

Canadian Renaissance Oil will purchase a 25% stake in the Petrolera company for $1.75 million and will come into a partnership with Lukoil, a Russian oil giant, in the project of the Amatitlan block development in the Gulf of Mexico.

As a reference, Petrolera is an operator of the project.

This statement was made by Renaissance Oil, TASS news agency reports on the 11th of January, 2017. The Canadian corporation concluded an agreement with with Lukoil and the Marak Capital company, to which Petrolera belongs. According to the deal, Renaissance Oil acquires 25% in Marak. The corporation will buy another 12.5% from Marak and 25% from Lukoil and, as a result, it will increase its share in Petrolera to 62.5%.

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