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35

LUKoil President reports on company's big projects to Russian President

Vagit Alekperov, LUKoil CEO met Dmitry Medvedev yesterday to discuss company's development

During the meeting two main projects were covered by Mr.Alekperov and President Medvedev.

The first one was the launch of the unique Varandey Oil Export Terminal in the Barents Sea, 25 kilometres offshore. The terminal is equipped for loading tankers year-round with oil from the Timano-Pechorsky oil fields.

And the second, internationally important, on President Medvedev's opinion, was a deal with Italian company ERG S.p.A. to set up a joint venture to manage the ISAB oil refinery complex in Sicily. LUKOIL will have a 49-percent stake in the venture. The ISAB refinery can process Urals brand oil, making it possible for LUKOIL to integrate it into its export supply chain.

As the Presidential Press and Information Office Internet Department reported, President Medvedev noted that Italy is one of Russia’s key partners and said the project will be good for developing future relations.

Author: Ksenia Kochneva