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368181
Thu, 05/21/2015 - 11:26
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Head of Lukoil plans Thursday to negotiate participation in Iraq’s Nasiriyah oil project

BURGAS, May 20. /TASS/. The head of Lukoil Vagit Alekperov plans Thursday, May 21, to negotiate the company’s participation in Iraq’s Nasiriyah oil project with Iraq’s Prime Minister Hairder al-Abadi. "I’m having a meeting with the Prime Minister tomorrow morning, even before the official negotiations begin. Naturally we are in constant dialogue with the Iraqi side about our company’s participation in the Nasiriyah project. Of course, we discuss economic issues," Alekperov said. As TASS reported earlier, Lukoil suggested a new approach in developing the Nasiriyah project. Alekperov explained the proposal deals with the issue of compensating investor costs. The Russian company is suggesting developing the field in the first stage, and then re-investing the accumulated revenue from the oil into the construction of a refinery. Lukoil has successfully completed the qualification for developing the Nasiriyah field and construction of the refinery. The tender for the project was announced in November 2012, with 7 companies applying. The tender has been postponed due to the complicated political situation in the country. The Nasiriyah field oil reserves are estimated to be around 4 bln barrels, the refinary’s planned capacity is 300 thousand bpd or 14 mln tonnes per year. Read more

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