LUKoil and Kazakhstan Agree to Work Out New Joint Oil Project on Caspian Sea

LUKOIL reached an understanding with Kazakhstan's leaders on working out a new joint oil project on the Caspian Sea, LUKOIL head Vagit Alekperov told RIA Novosti in Davos.

According to Alekperov, within the framework of the World Economic Forum in Davos he met with president of Kazakhstan Nursultan Nazarbayev to discuss prospects for the further work of LUKOIL in that country. An understanding was reached that in February the LUKOIL delegation headed by Alekperov will fly to Kazakhstan where together with the Kazakh experts will work out a proposal to the republic's' government on conducting geological-prospecting work in the part of the Caspian shelf which belongs to Kazakhstan.

Alekperov pointed out that according to LUKOIL experts a new oil deposit may be developed in this part of the Caspian shelf. That is why, he said, the company he heads is interested in conducting geological-prospecting work there together with the Kazakh partners. Approximately $150 million will be required for this during the period of five years, Alekperov pointed out. He also said that after the completion of the negotiation process an appropriate agreement will be signed with the Kazakh side.

Alekperov stressed that LUKOIL is one of the major investors in Kazakhstan. It is participating in five big projects for the development of deposits of energy resources.

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