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Russia’s Lukoil to spend 5 billion rubles on development in Tatarstan 2015

September 25, 2014, 15:46 UTC+3 KAZAN
The major part of the funds will be spent on construction of filling stations and wells drilling, Lukoil CEO Vagit Alekperov says
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Lukoil CEO Vagit Alekperov

Lukoil CEO Vagit Alekperov

© ITAR-TASS/Anton Novoderzhkin

KAZAN, September 25. /ITAR-TASS/. Russian oil company Lukoil will almost double investments in the republic of Tatarstan to about 5 billion rubles in 2015 under a newly approved program for its business development in the region, CEO Vagit Alekperov said Thursday after a meeting with the republic’s head Rustam Minnikhanov.

The major part of the funds will be spent on construction of filling stations and wells drilling, Alekperov said.

“Lukoil is not only a large consumer and crude supplier, but also a large customer for our machine building companies,” Minnikhanov said, adding that the company is a strategic partner of the republic.

Lukoil and Tatneft to cooperate

Russian oil companies Lukoil and Tatneft must cooperate in the development of superviscous oil fields, Alekperov said at a meeting with the republic of Tatarstan President Rustam Minnikhanov Thursday, where the company and the republic signed a cooperation plan.

“Today Lukoil and Tatneft are the only two companies that have technologies and experience in the superviscous oil sphere. We must join forces to bring the strategic decisions (to develop superviscous oil fields) to life,” Alekperov said

“Under the present conditions, oil companies and oil producing regions must stick together. There is a need for consolidated positions on the new superviscous oil fields,” Minnikhanov said.

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