LUKoil Overseas to pump $ 350 mm into Kazakhstan

Nov 11, 2004 01:00 AM

LUKoil Overseas, which carries out foreign projects for Russian oil major LUKoil, plans to invest $ 350 mm in its own projects in Kazakhstan in 2004-2005, Boris Zilbermints, the company's Kazakhstan area manager, said in Astana.
LUKoil Overseas will invest around $ 200 mm, "most of it in Karachaganak," this year, Zilbermints said. In 2005, "considering that the company meets offshore drilling costs until commercial discoveries are made," investments in on-going projects will amount to $ 150 mm, he said.

LUKoil Overseas is rounding off investment on the Karachaganak and other projects because "the time for returns on the investment is approaching," Zilbermints said. Karachaganak should "start to finance itself as early as this year," he said.
LUKoil has invested more than $ 1.5 bn in Kazakhstan in the last nine years. The company has said it is involved in eight oil and gas projects in the country.

Source: Interfax Information Services
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