It is reported that Russia's Lukoil has signed a memorandum of understanding with Argentina's state energy company Enarsa and downstream focused Pobater to consider cooperation in supplies and storage of fuel in Latin America.

The company said that "The document provides for an opportunity to supply fuel oil and/or gasoil to Enarsa and to use Pobater's infrastructure for fuel storage. The MOU covers a three year period and can be extended.”

As per report, Mr Vladimir Nekrasov first VP of Lukoil, Mr Exequiel Espinosa president of Enarsa and Mr Horacio Sambucetti president of Pobater signed the MOU in Moscow, as Ms Cristina Fernandez de Kirchner president of Argentina is visiting the Russian capital for talks with Mr Dmitry Medvedev president of Russian and Mr Vladimir Putin PM of Russian.

Lukoil said that its oil products on foreign markets via its subsidiaries Swiss registered Litasco and US based Lukoil Pan Americas, which have extensive experience in supplies of diesel to Latin America.

Mr Nekrasov said that "Our Company is already working actively in two Latin American countries, Columbia and Venezuela. We hope that the MOU signed today with the Argentinean companies will help develop mutually beneficial cooperation between Russia and Latin American countries."