LUKOIL, ConocoPhilips to set up a joint venture in Timano-Pechora (Russia)

[Dover]

LUKOIL, ConocoPhilips to set up a joint venture in Timano-Pechora
September 30, 2004 Posted: 12:42 Moscow time (08:42 GMT)

LUKOIL, ConocoPhilips are intending to set up a joint venture to develop Timano-Pechora oil/gas province in the North of Russia. The investments will surpass $3 bln during the following ten years, LUKOIL President Vagit Alekperov, ConocoPhillips President and CEO James Mulva said at today's press conference.

LUKOIL will have 70%, ConocoPhilips - 30% in the new company. The acquisition price to be paid by ConocoPhilips to LUKOIL includes over $370 mln for 30% share in the title to oil/gas reserves of the joint venture; additional payments for 30% share in the circulation assets in the companies group of the joint venture and 30% share of the funds invested by LUKOIL in the fields of the joint venture from January 1, 2004....cont'd


http://www.russiajournal.com/news/cnews-article.shtml?nd=45708

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