Posted on 09/06/2006 7:14:05 AM PDT by thackney
Russian oil major LUKOIL hopes to announce new investments in Asia before the end of this year, a senior company official said on Wednesday.
The investments include upstream and downstream projects in countries such as South Korea, Vietnam, Singapore and China said Valery Golovushkin, Vice-President of trading and supply.
"We are ready to invest in this region and to invest a lot. We are looking for good projects and have been in discussions with some parties in the region," he told an energy conference. He later told reporters: "I cannot reveal any details now but some announcements should be made in two to three months' time."
Responding to questions, Golovushkin said LUKOIL, Russia's largest oil producer, was looking to invest in an oil storage facility in Singapore, adding that logistics are an important part of the oil infrastructure.
Industry sources told Reuters that the Russian firm's top management had been in discussions with senior officials of Emirates National Oil Co. (ENOC), the majority stakeholder of Horizon Terminals, which will open its new Singapore facility by the end of the year.
Golovushkin said LUKOIL was also eyeing investments elsewhere in the world, including Europe where talks to buy over Kuwait Petroleum International's 80,000 barrels per day (bpd) Europort refinery in Rotterdam are in the final stages.
LUKOIL is considering buying oil major BP's 172,000 barrels per day (bpd) Coryton refinery in Britain, but Golovushkin declined to comment on the matter.
The Russian major is looking at similar investments in the United States, probably with its U.S. partner, ConocoPhilips, he said.
Russian oil major LUKOIL hopes to announce new investments in Asia before the end of this year, a senior company official said on Wednesday.
The investments include upstream and downstream projects in countries such as South Korea, Vietnam, Singapore and China said Valery Golovushkin, Vice-President of trading and supply.
"We are ready to invest in this region and to invest a lot. We are looking for good projects and have been in discussions with some parties in the region," he told an energy conference. He later told reporters: "I cannot reveal any details now but some announcements should be made in two to three months' time."
Responding to questions, Golovushkin said LUKOIL, Russia's largest oil producer, was looking to invest in an oil storage facility in Singapore, adding that logistics are an important part of the oil infrastructure.
Industry sources told Reuters that the Russian firm's top management had been in discussions with senior officials of Emirates National Oil Co. (ENOC), the majority stakeholder of Horizon Terminals, which will open its new Singapore facility by the end of the year.
Golovushkin said LUKOIL was also eyeing investments elsewhere in the world, including Europe where talks to buy over Kuwait Petroleum International's 80,000 barrels per day (bpd) Europort refinery in Rotterdam are in the final stages.
LUKOIL is considering buying oil major BP's 172,000 barrels per day (bpd) Coryton refinery in Britain, but Golovushkin declined to comment on the matter.
The Russian major is looking at similar investments in the United States, probably with its U.S. partner, ConocoPhilips, he said.
In contrast, the Daqing extension will tap its supply from existing fields.
Russia's Lukoil acquires 795 gas stations in New Jersey and Pennsylvania from ConocoPhillips for $266 million; will pay $50 million and Lehman Brothers Holdings will finance rest over six years; Sunoco will pay $187.4 million for 385 gas stations from ConocoPhillips in Delaware, Maryland, Virginia and Washington, DC
In 2000, LUKOIL purchased the remaining assets of Getty Oil, and began opening Lukoil stations in the United States in 2003. Most of the American LUKOIL stations are converted Getty stations, though some are also converted Mobil stations bought from ConocoPhillips when that company left the Northeast. In September 2004, ConocoPhillips purchased a 7.6 percent stake in LUKOIL and signed an agreement that could increase this figure in the future to up to 20 percent.
from FORBES = Lukoil to invest 100 bln usd over next ten years
Oil is fungible. The more companies and countries that pump more oil out of the ground only mean there will be more supply. Don' worry that it is Russian.
I don't worry. Russian Oil companies hire my company to design facilities in Russia. I would like to see more US production instead of sending so many dollars to fund foreign governments.
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