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Loukoil says will not participate in Total's Khariaga project in North Russia


Published : Mon, 29 Jan 2007 12:35
By : Agencies
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MOSCOW (AFX) - Lukoil said it will not participate in developing the Khariaga field in North Russia, operated by Total SA, and will step aside for a state-controlled company, Russian daily RBK reported.

Gennadi Krassovski, head of Lukoil's investor relations department, told the paper the Russian government intends to pass Lukoil's (purchase) option onto state enterprises.

Lukoil acquired an option in 2000 to take a 20 pct stake in the project, but had not exercised it.

The Lukoil press office declined to comment on Krassovski's announcement.

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afp/lam/ic

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