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20

LUKoil and French Foraco To Explore For Dimonds in Northern Russia

LUKoil signed a deal worth around $13.9 million with French company Foraco to explore for diamonds in northern Russia

RIA Novosti reported recenly that Arkhangelskgeologodobycha, a regional diamond producer owned by LUKoil, and Foraco will drill large-diameter wells at the Grib kimberlite pipe of the Verkhotinskaya diamond field, northwest of Arkhangelsk, the LUKoil press office said.

The Grib kimberlite pipe was opened in early 1996 and is thought to contain over $5 billion worth of diamonds, one of the largest diamond deposits in Europe.