LUKoil makes deal with Inpex

LUKoil has announced today it signed an agreement with the Japanese company Inpex on selling its stake in the project Azeri-Chirag-Gyuneshli. The deal amounts to $1.375bn, the press service of the Russian company reported. The sum is to be paid by monetary resources. LUKoil had a 10 percent stake in the project.

According to the provisions of the current agreements on the project Azeri-Chirag-Gyuneshli, it is necessary to obtain approval from the Azerbaijani State Oil Company and other participants of the consortium to finish the deal. As a result, LUKoil's deal is expected to be completed in the first half of 2003.

LUKoil President Vaghit Alekperov declared that his company would consider the possibility of withdrawing from other projects where LUKoil did not have the rights of an operator. LUKoil is still interested in exploring oil and gas reserves in the Caspian Sea region and maintaining close contacts with Azerbaijan, he added.

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