LUKoil President: Agreement Between Russia and Kazakhstan Enables LUKoil to Increase Investment

'The Russian-Kazakh agreement on combined development of the Caspian oil field has allowed LUKoil to broaden its investment programme', announced LUKoil President Vagit Alekperov at a briefing on Friday. He remarked that 'this document fully clarifies future action, and allows us to strengthen our investment programme'. Alekperov didn't specify how much the volume of LUKoil investment had increased in the development of oil fields in the Caspian Sea, but said that the company has already put out a tender for the development of two oil fields, in particular the one in Korchaginsk. The international concern ABB became the tenderers.

On May 13, Russia and Kazakhstan signed a protocol for an agreement between the countries for a demarcation of the north Caspian seabed. In compliance with this document, three oil fields, Khvolinsk, Kurmangazi and Central (hitherto disputed areas), will be developed by Russia and Kazakhstan, working together as partners.

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