LUKoil to invest about $13bn in Caspian region

LUKoil will invest about $13bn in boosting the production of hydrocarbons in the Caspian region, LUKoil President Vagit Alekperov announced at the 11th plenary meeting of the Kazakhstani Council of Foreign Investors, headed by Kazakhstani President Nursultan Nazarbayev. According to Alekperov, LUKoil plans to increase the number of its projects in the Caspian region and to secure an 18-percent increase in production of hydrocarbons in the region by 2020. LUKoil has already invested over $1.5bn in the Kazakhstani economy. The company has assessed the impact of its Tyub-Karagan and Atashsky projects on the environment. Exploration work will start on the Tyub Karagan field this June. Drilling will start in 2005.