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Lukoil to sign documents on acquisition of 5% in UAE project

The term of the concession is 40 years

Lukoil CEO Vagit Alekperov Mikhail Klimentyev/Russian Presidential Press and Information Office/TASS

Lukoil CEO Vagit Alekperov

© Mikhail Klimentyev/Russian Presidential Press and Information Office/TASS

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ASTRAKHAN, July 23. /TASS/. Lukoil plans to acquire a 5% stake in the offshore gas project Ghasha in the United Arab Emirates (UAE) that is currently held by UAE’s ADNOC (Abu Dhabi National Oil Company), Chief Executive Officer of the Russian oil production giant Vagit Alekperov told reporters on Tuesday.

"I hope we will sign [the document] on entry by 5% in September-October," Alekperov said, adding that this will most probably take place in October. "The active final part of negotiations is underway," he noted.

"We will buy from ADNOC," the top manager noted.

It was reported earlier that Lukoil considers the option of entering the Ghasha offshore gas concession in the UAE. The term of the concession is 40 years and it comprises Hail, Ghasha, Dalma and other offshore fields in the Al Dhafra area.

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Russian military to warn Ukrainian civilians of future Oreshnik attacks — Kremlin

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China against double standards in international law — Foreign Ministry

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US, West have no capabilities to intercept new Russian hypersonic missile — expert

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Russia entitled to use weapons against military sites of states attacking it — Duma

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