LUKOIL agrees framework for Caspian operations

LUKOIL has signed a five-year cooperation agreement with the government of Astrakhan Region.

Offshore staff

ASTRAKHAN, Russia – LUKOIL has signed a five-year cooperation agreement with the government of Astrakhan Region.

Under the accord, the government will assist LUKOIL in obtaining land plots for construction of facilities for hydrocarbon production and processing, and of oil port terminals.

It will also help the company obtain permits for work in the Russian sector of the Caspian Sea to ensure year-round transportation of freight and personnel for operations in this sector.

The agreement extends to R&D and construction in the region. It follows a similar agreement signed between LUKOIL and Astrakhan last year.

When placing orders for manufacture of equipment, steelwork and other engineering products, LUKOIL will give preference to local enterprises.

LUKOIL also provides financing for construction of environmental facilities, reproduction of sea and land bio-resources, and monitoring of biodiversity in the swamplands of the Lower Volga, including satellite monitoring of the northern Caspian Sea.

11/29/2011

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