Lukoil, the second largest oil producer in Russia, seeking growth opportunities in the Middle East as Iran provides to developing international partners more oilfields, said Sunday charge Lukoil Middle East Region, Gati Al-Jebouri, according to Bloomberg.
Gati Al-Jebouri said that Lukoil wants to find new sources of production in the Middle East, to supplement its operations existing in Iran and Egypt, provided to find projects whose production costs are as low as those in Russia.
"Iran is our target area at this time," said Gati Al-Jebouri. He added that Lukoil is currently discussing with the company Iranian National Iranian Oil Company (NIOC) regarding its involvement in developing oil fields Abe Timur and Mansuri in central western Iran, adding that he hopes the firms to reach an agreement in first half year.
Iran has prepared a list of 70 oil and gas deposits that will provide foreign investors, while the authorities in Tehran will obtain financing and foreign technology after the removal of international sanctions.
In other parts of the Middle East, Gati Al-Jebouri informed that Lukoil is exploring opportunities in Abu Dhabi and Kuwait. Instead, Jebouri announced that Lukoil has abandoned an exploration of gas with Saudi Arabian Oil Co. After a project in the desert did not discover deposits commercially viable.
Lukoil is the second largest crude oil producer in Russia, with proven reserves of hydrocarbons which amounts to about 1.3% of global reserves.
Lukoil Romania is one of the leading Romanian oil market, with a share of around 20% of the total market of petroleum products. Currently, the company owns refinery Lukoil Romania Petrotel - and fuels through a network of 300 filling stations.
