Sibneft participation in Kuwaiti oil project to be determined in autumn

It must be finally decided this autumn whether the Russia's Sibneft company will take part in the development of Kuwaiti oil deposits, said Alexander Korsik, Sibneft's Vice President, at a press conference in Moscow on Tuesday.

The Kuwaiti government announced a tender for international oil companies to develop four oil deposits in the north of the country. According to experts' estimates, these deposits can be ranked as one of the richest oil areas of the Persian Gulf.

According to Korsik, the first stage of the tender has been completed, while at the second stage consortiums will be formed to contest the project.

Korsik stressed that the project is one of the most appealing ones in the region as regards investment. Sibneft's participation in the project is explained by the current economic and political stability in Kuwait.

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