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Lukoil quits project in Saudi Arabia

June 16, 2016, 12:51 UTC+3

The Russian oil company is however interested in joint projects with Saudi Aramco

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© AP Photo/Valentina Petrova

ST. PETERSBURG, June 16. /TASS/. Russia’s oil major Lukoil is quitting a project in Saudi Arabia though it is interested in joint projects with the oil company Saudi Aramco, President Vagit Alekperov said at the St. Petersburg International Economic Forum (SPIEF-2016) on Thursday.

"We’ve made a decision to quit Saudi Arabia, Saudi Aramco will take the wells we drilled. We’ve agreed that we will continue to be partners and will be coordinating our international operations," he said.

Alekperov said earlier Lukoil could quit Luksar - its joint venture with Saudi Aramco - due to "the project’s complicated economy."

Luksar (80% owned by Lukoil and 20% - by Saudi Aramco) was set up for implementation of the project, which implies exploration and development of Block A gas fields. In March 2003, Lukoil launched operations, becoming the first Russian company to get access to development of Saudi mineral resources.

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