01:26 GMT +305 December 2016
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    RUSSIA'S LUKOIL AND SAUDI COMPANY TO SET UP JOINT VENTURE

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    MOSCOW, JANUARY 26 (RIA Novosti) - Russia's oil and gas company Lukoil has won the right to prospect and develop gas fields in Saudi Arabia.

    In its press service communique, received by RIA Novosti on Monday, Lukoil says that in the open tender the company has won the right to sign with the government of Saudi Arabia a contract for the prospecting and development of gas and gas condensate fields in Block A.

    Located in the heart of the Saudi Kingdom, Block A is, Lukoil specialists says, among the most promising sites for the commercial development of gas and gas condensate.

    To implement the project, a joint venture with the state oil company Saudi Aramco will very soon will be set up. Lukoil will own 80 percent of the joint venture.

    Lukoil's subsidiary Lukoil Overseas will handle realization of the project.

    The press release says that the 40-year contract (concession agreement) between the Saudi government and the company to prospect and develop Block A gas and gas-condensate fields is planned to be inked in March.

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