LUKoil to develop Caspian oil field on terms favourable for Kazakhstan

Dec 08, 2003 01:00 AM

The Russian oil major LUKoil is not asking Kazakhstan to repay the company's spending on the preliminary prospecting of the Khvalynskoye Caspian oil field immediately and is prepared to implement this project on terms best suiting Kazakhstan.

“Spending on the Khvalynskoye oil field has been approved, we have submitted a feasibility study to Kazakhstan and are not keeping any secrets from our Kazakh colleagues. We do not insist on immediate compensation payments. Such payments could be made while the project is being implemented. This is a subject for negotiation," LUKoil President Vagit Alekperov said after talks with Kazakh President Nursultan Nazarbayev in Almaty.
He said the company's investment in the project to develop Khvalynskoye is estimated at $ 100 mm to $ 140 mm.

Source: Interfax Information Services
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