Azerbaijan, Baku / corr Trend U.Ismayilova / The Russian company LUKOIL will establish a Foundation for the development of the small and medium-scale business in the countries it has business. The Foundation will spend funds in Azerbaijan as well, Alexander Alekseyev, the Executive Director of the Russian-Azerbaijani Trade House, said. He did not mention the term of commencement of the Foundation.
LUKOIL is prepared to invest from $200,000 to $1mln in the development of the small and medium-scale business in Azerbaijan if there are 'interesting projects', Vagit Alekperov, the President of LUKOIL said.
Head of LUKOIL also took interests in financing education in Azerbaijan. He offered to select the Russian language schools for their equipment, textbooks and different equipment. The company also intends to take part in the development of high education in Azerbaijan.
LUKOIL participate in the development of oil projects in Azerbaijan. It has share in Д-222 (Yalama) and Shah Deniz Development project. The company also has filling stations in Azerbaijan.