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15

Russia to Transfer Oil project Stake from French Company to Russian

Russia is increasing control over projects with foreign investors to control prices and costs

The Russian government plans to transfer a stake in an oil project led by French oil company Total SA to a state-owned company, said OAO Lukoil, which had planned to join the exploration venture.

Total and its partners, including Norway's Norsk Hydro ASA, are developing the Kharyaga oil field in the Timan-Pechora province in northern Russia. The Nenets regional administration and Nenets Oil Co. sent the Energy Ministry a request to give 20% of Kharyaga to a Russian company, a ministry spokesman, Yevgeny Trufanov, said yesterday by phone. "The right will be given to Russian state-owned companies,” Gennady Krasovsky, the head of Lukoil investor relations, said yesterday in London in a meeting with reporters.

He didn't specify the companies. Lukoil plans to compete with Russia's state-owned OAO Gazprom and Rosneft for fields in eastern Siberia and the Timan-Pechora province, Krasovsky said. Russia is increasing control over projects with foreign investors to control prices and costs.