Source Pravda.Ru

LUKoil Takes Kaliningrad Region under Its Wing

LUKoil and the Kaliningrad regional administration have signed an agreement on mutual cooperation. The document was signed today by Vagit Alekperov, the president of LUKoil, and Vladimir Yegorov, the Governor of the Kaliningrad Region. At the press conference which followed the signing of the agreement Vagit Alekperov explained that LUKoil would take responsibility for developing new production facilities in the region, and the regional administration would provide favourable conditions for the company's investment projects. In particular, this relates to the planned construction of the D-6 Kravtsovskoe oil rig, which will enable the volume of oil extracted in the region to double, raising it to 1.4 million tonnes a year. The company intends to spend USD 300 million on this project alone.

Significant investment is also planned to develop an oil terminal, and to widen and deepen the Sea Canal, which will allow increased exports of oil products. In addition, the company's subsidiary LUKoil-Kaliningradmorneft is to receive a large order for its steel-working plant to manufacture sections for a sea platform in the North Caspian.

'Depending on the readiness of our new projects, and also on the region's requirements, the agreement will be adjusted each year according to a special protocol,' said Alekperov. 'But even today the benefits for both sides are clear - we will not waste precious time overcoming bureaucratic obstacles, and the region will collect more tax and excise duties from our companies.'

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