12:27 GMT +323 March 2018
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    LUKoil, France's Foraco sign $13.9 mln diamond prospecting deal

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    MOSCOW, January 28 (RIA Novosti) - Russia's largest independent crude producer LUKoil and France's Foraco have signed a deal worth around 10.5 million euros ($13.9 million) to explore for diamonds in northern Russia, LUKoil said Wednesday.

    Arkhangelskgeologodobycha, a regional diamond producer owned by LUKoil, and Foraco will drill large-diameter wells at the Grib kimberlite pipe of the Verkhotinskaya diamond field, northwest of Arkhangelsk, the LUKoil press office said.

    The Grib kimberlite pipe was opened in early 1996 and is thought to contain over $5 billion worth of diamonds, one of the largest diamond deposits in Europe.

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