BAKU, Azerbaijan, Dec. 25
By Leman Zeynalova – Trend:
Russia’s LUKOIL company is showing interest in two projects in Azerbaijan, the company’s Chief Executive Vagit Alekperov said, Trend reports.
“We are in talks with the Azerbaijani side and we hope to complete them in the first quarter of 2020. We are interested in two projects, but I will not disclose them, since no agreement has been signed on those projects yet. We have implemented our first projects namely in Azerbaijan and Kazakhstan and we know these areas well. Currently, we are probably the only company engaged in geology and paleoformation of hydrocarbon reserves in the Caspian basin, which we once studied in detail. This enabled us to focus on the most effective fields,” he told Kommersant newspaper.
LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting for more than 2 percent of the world's oil production and around 1 percent of the proved hydrocarbon reserves.
LUKOIL has been operating in the oil and gas sector of Azerbaijan since 1994. The company has a 10 percent stake in the Shah Deniz and South Caucasus Pipeline projects. In addition, the company participates in Azerbaijan’s retail fuel market.
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