The leadership of the Russian oil company LUKoil made a decision to sell the stake of its subsidiary, LUKoil Overseas Holding Ltd., in oil projects in Sakhalin, a Russian region, and Morocco. Thus, the oil giant completed the process of reorganization of Bitech Petroleum Corporation, which LUKoil Overseas Holding bought in July 2001, the press service of LUKoil reported.
The source explained that oil deposits in Sakhalin and Morocco were found non-perspective after the corresponding economic analysis. The further participation of LUKoil in these projects would have had a negative impact on its financial and economic activities as well as on LUKoil's investment attractiveness.
LUKoil authorities made a decision to concentrate on the exploration and development of promising deposits in the Komi republic of Russia, in Columbia and in Egypt.