LUKoil increases foreign interests

Dec 23, 2004 01:00 AM

LUKoil said it had completed the buyout of ENI's stake in a joint venture, gaining greater control over oil and gas fields in Egypt and Azerbaijan.
The acquisition price will be disclosed in LUKoil's 2004 financial report, said company spokesman Dmitry Dolgov.

The purchase of ENI's 50 % holding in LUKAgip boosts LUKoil's stake in Egypt's Meleiha oil field to 24 % and its stake in Azerbaijan's Shah Deniz natural gas field to 10 %, LUKoil said. LUKAgip also owns 8 % in Azerbaijan Gas Supply Co. and 10 % in South-Caucasian Pipeline Co.
The Shah Deniz field may hold 1 tcm of gas. The companies developing the site have agreed to invest $ 3.2 bn to develop the field. Meleiha holds 35.3 mm barrels of proven oil reserves.

Source: Moscow Times
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