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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: Terry Jackson who wrote (6943)	1/23/1998 2:40:00 PM
From: Terry Jackson	Respond to of 11888

Kazakh Oil sees no bigger LUKoil share in Tengiz ALMATY, Jan 23 (Reuters) - The head of Kazakhstan's national Kazakh Oil company said on Friday it was unlikely that Russia's LUKoil (LKOH.RTS) company might increase its share in giant oil venture Tengizchevroil (TCO) by another five percent. ''Right now there are no plans to sell any stakes in Tengizchevroil,'' Baltabek Kuandykov told a news conference. Last week LUKoil President Vagit Alekperov said his company wanted to double its stake in the onshore Tengizchevroil venture. LUKArco, LUKoil's joint venture with Atlantic Richfield Co (ARC - news) of the U.S., has a five percent stake in the project. U.S. oil major Chevron Corp (CHV - news) owns 45 percent in TCO. Mobil Corp (MOB - news) and Kazakhstan hold 25 percent each. Kuandykov, who did not say whose five percent of the venture LUKoil wanted to acquire, made it clear that TCO was efficient enough in its current composition. ''Every year Tengizchervoil boosts its oil output, this is an efficiently run project needed by Kazakhstan,'' he said. A press release issued by Kazakh Oil said that last year the oil-rich former Soviet republic produced 25.76 million tonnes of crude, and Kuandykov said that this year Kazakhstan would raise its oil output to 29-30 million tonnes. TCO accounted last year for a large part of Kazakhstan's oil output, producing 6.95 million tonnes. According to Kazakh Oil, TCO is the largest investor in Kazakhstan's oil sector. It invested a total of $450 million last year. Alekperov has said that LUKoil would boost its total investments in Kazakhstan to $740 million by the year 2000 from $300 million at the start of 1998.