LUKoil head expresses interest in buying European oil assets

NEW YORK, October 18 (RIA Novosti) - LUKoil [RTS: LKOH] is interested in the purchase of European oil assets following the recent fall in their prices, the head of Russia's largest crude producer said Wednesday.

"Our key task is to join the business downstream in Europe," Vagit Alekperov said during the presentation of the company's 10-year strategy in New York.

He said the company is interested in buying oil assets in Eastern and Southern Europe, and has already received many proposals.

Alekperov also said LUKoil intends to sign a contract with Venezuela soon on the development of a heavy crude deposit with total reserves of 300 million metric tons (2 billion barrels).

LUKoil will produce 100,000 barrels per day three years after the contract is signed, but later the deposit will be able to produce 200,000 barrels per day, he added.

Alekperov said LUKoil intends to supply Venezuelan oil to the U.S. market, and U.S. oil giant ConocoPhillips, which holds an 18% stake in LUKoil, will be involved in oil refining and delivery.