Bloomberg News

Lukoil Signs Cooperation Agreement for Gas Plant Near Caspian

June 09, 2007

OAO Lukoil (LKOH), Russia's second-biggest oil producer, signed a cooperation agreement with Kalmykia, a Russian region near the Caspian Sea where the company plans to build a gas-processing facility.

Lukoil wants to construct transportation networks and refineries near the Caspian, an area that it will depend on for oil and gas reserves and production growth in the future, the Moscow-based company said in an e-mailed statement today.

Lukoil Chief Executive Officer Vagit Alekperov said in March the company plans to start building a $3 billion gas-processing plant in Kalmykia within two years, Interfax said.

To contact the reporter on this story: Greg Walters in Moscow gwalters1@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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