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Gold/Mining/Energy : LUKOY The largest oil company in the world LukOil unknown -- Ignore unavailable to you. Want to Upgrade?

To: Fred Levine who wrote (888)	11/2/2001 9:09:31 AM
From: Fred Levine	Respond to of 914

[Friday 2nd November, 2001] Lukoil seeks stake in huge oil project MOSCOW - Russia's largest oil producer LUKOIL is in talks with gas giant Gazprom on participation in developing the huge Prirazlomnoye oil deposit, LUKOIL's vice president said on Thursday. "We have sent Gazprom our proposals on taking a stake," Leonid Fedun told reporters. "We believe this project is very efficient and feasible, and it does not need foreign investment." Fedun said LUKOIL was seeking a 25 percent stake in Prirazlomnoye, which is located in the north of the country. Gazprom agreed in September with state-owned oil company Rosneft to set up a joint venture to develop Prirazlomnoye, which contains 76 million tonnes (560 million barrels) of crude, after Germany's Wintershall halted its investment. Gazprom and its subsidiary Rosshelf are the main investors in the $1 billion project. LUKOIL's subsidiary, Arkhangelskgeoldobycha, has a 16 percent stake in Rosshelf. "LUKOIL may pay for a stake in the project through investments or by contributing its tankers," Fedun said. LUKOIL owns a fleet of oil tankers which is the largest in the country and capable of working in the Arctic. /Reuters/ fred