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AKMOLA, Jan 15 (Reuters) - Russian oil company LUKoil wants to boost its total investments in the former Soviet republic of Kazakhstan to $740 million by the year 2000 from $300 million at the start of 1998, President Vagit Alekperov said on Thursday.
Alekperov said that LUKoil wanted to double its stake in the giant onshore Kazakh Tengizchevroil project. LUKARCO, a joint venture between LUKoil and Atlantic Richfield Co <ARC.N>. <ARC.N> of the U.S., has a five percent stake in the $20 billion project.
"LUKoil's investments in Kazakhstan as of January 1, 1998, were around $300 million," Alekperov said in the new Kazakh capital of Akmola after meeting Kazakh President Nursultan Nazarbayev. "By January 1, 2000, we estimate this total will be $740 million.
"We already have five percent (in Tengizchevroil), and would like to increase our stake by five percent," he said. The project groups U.S. oil major Chevron Corp <CHV.N>, with 45 percent, Kazakhstan and Mobil Corp <MOB.N> of the U.S. (25 percent each) and LUKARCO (five percent).
Alekperov also said LUKoil was looking to develop a deposit in Kazakhstan's Aktyubinsk region called Alibek-Mola, and was awaiting approval from the Kazakh government. More exploration work was being carried out in the Kzyl-Orda region.
"We are carrying out geological exploration on the Badenginskaya depression in the Kzyl-Orda region of Kazakhstan, where LUKoil already has a joint venture with the Canadian company Hurricane <HHLa.TO>," Alekperov said.
06:08 01-15-98 |
