ConocoPhillips and LUKOIL Discuss JV Plans
Cooperation plans have been discussed for a joint venture to be set up by LUKOIL (70%) and ConocoPhillips (30%). Outline plans were discussed at a meeting held in Narian-Mar, Nenetsk Autonomous District on 20 January. The JV is organized in the framework of a strategic alliance of the two companies on the basis of OOO Narianmarneftegaz.
Vagit Alekperov, President of OAO LUKOIL, Ravil Maganov, First Vice-President of OAO LUKOIL, Sergey Gnatchenko, acting Director General of the JV and also Russian and American experts took part in the meeting.
Potential volumes as a result of the JV's production and marketing are expected to reach 200,000 bpd by 2008.
The crude to be produced from the JV's fields will be transported via pipeline to a LUKOIL terminal in the town of Varandey on the Barents Sea coast and thereafter shipped to international markets by tankers.
LUKOIL will increase its terminal's capacity to 240,000 barrels per day.ConocoPhillips will be involved in this project at the project design stage and on a financial basis.
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