EUROPE

Russians gain long-term access to Saudi gas

Russian oil major LUKoil has succeeded where a number of western majors failed by gaining access ...

Three blocks were tendered with LUKoil being awarded the rights to the prospective Block A, located in the centre of the country.

To implement the project, a joint company with the State oil company, Saudi Aramco, will be established with LUKoil holding an 80% interest in this company. The 40 year deal is expected to be finalised in March 2004.

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