- Sputnik International
Russia
The latest news and stories from Russia. Stay tuned for updates and breaking news on defense, politics, economy and more.

LUKoil, Rosneft team up in first Russian shelf consortium

© RIA NovostiLUKoil
LUKoil - Sputnik International
Subscribe
Russia's largest private oil company LUKoil and state-run oil mammoth Rosneft are to create the first consortium of local companies to develop maritime shelves, a verbatim report of a meeting between LUKoil President Vagit Alekperov and Prime Minister Vladimir Putin said on Monday.

Russia's largest private oil company LUKoil and state-run oil mammoth Rosneft are to create the first consortium of local companies to develop maritime shelves, a verbatim report of a meeting between LUKoil President Vagit Alekperov and Prime Minister Vladimir Putin said on Monday.

"We are considering cooperation on shelves, including the Caspian, Azov, Black Seas and the Arctic shore," Alekperov said on Saturday.

"This is the first time a consortium is being formed not with foreign companies, but when two Russian companies are joining forces, financial assets, mineral resource assets to ... design an integrated system, which would be economically efficient for all market participants," he said.

The companies also plan to unite their projects in the northern Timan-Pechora province, where LUKoil has export pipelines.

"We have undeveloped fields, Rosneft also has undeveloped fields. The construction of separate small diameter oil pipelines is not profitable for both companies," he said.

Rosneft and LUKoil signed an agreement in April on long-term cooperation and are to agree a final list of joint projects by September 1.

LUKoil may participate in exploration on Rosneft's license areas and development of explored sites.

The two companies will also cooperate in exploration, development and transportation of hydrocarbons in the Nenets autonomous region in the north of Russia.

MOSCOW, April 25 (RIA Novosti)

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала