Source Pravda.Ru

LUKoil to Sell Stake in Caspian Oil Field to Japanese Company

LUKoil has today announced that it has signed an agreement to sell its stake in the Azeri-Chirag-Gyuneshli project to the Japanese Inpex Corporation. The deal is worth USD 1.375 billion. According to the conditions of LUKoil's existing agreements regarding the Azeri-Chirag-Gyuneshli project, the deal must first be approved by the Azerbaijani State Oil Company and the other participants in the consortium. In order to complete the deal all usual preliminary condition and must be fulfilled and certain permissions and agreements must be received. LUKoil's press service suggested that the deal should be completed in the first half of 2003.

According to LUKoil president Vagit Alekperov, the deal is part of the company's restructuring programme and 'represents an excellent opportunity to receive a fair price when disposing of fairly valued assets.' Nevertheless, Alekperov noted, LUKoil remains interested in developing oil and gas fields in the Caspian Sea.

The production sharing agreement signed by LUKoil and other oil companies in September 1994 envisaged developing the Azeri, Chirag, and deep water Gyuneshli fields in the Azerbaijani sector of the Caspian Sea. LUKoil's stake in the project is about 10%, including a 10% share of profits, an 11% share of joint work, and also a certain share in other assets.

© &to=http://www.rosbaltnews.com/' target=_blank>RosBalt

Comments
How can Americans and Russians understand each other?
Turkey desperately tries to rescue its national currency as it falls to all-time lows
Russia builds new robotic tank invulnerable to mines
Russia builds new robotic tank invulnerable to mines
Russia builds new robotic tank invulnerable to mines
US-Russian confrontation: War is peace, freedom is slavery
Turkey desperately tries to rescue its national currency as it falls to all-time lows
How can Americans and Russians understand each other?
Russian government prepares to get rid of US dollar in economy
US-Russian confrontation: War is peace, freedom is slavery
Russians tired of Putin's foreign policy
US-Russian confrontation: War is peace, freedom is slavery
Teen member of satanic sect destroys unique wooden church built in 1774
Russia could abolish state pensions
Russia could abolish state pensions
Russia could abolish state pensions
Russian government prepares to get rid of US dollar in economy
Benjamin Netanyahu’s nightmare comes true as Putin crushes his plans
Benjamin Netanyahu’s nightmare comes true as Putin crushes his plans
Benjamin Netanyahu’s nightmare comes true as Putin crushes his plans
How can Americans and Russians understand each other?