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Lukoil to boost spending at Iraq oil field to USD2 billion in 2012

March 14/2012
(bloomberg) -- OAO Lukoil (LKOH), Russias biggest non- state company by market value, plans to boost investments in the West Qurna-2 oil field in Iraq to about USD2 billion this year.

Lukoil plans to carry out drilling and begin construction of a pipeline as it prepares the field for the start of production, the Moscow-based crude producer said in a corporate newsletter published on the website today.
The company invested more than USD200 million in the project last year, Grigory Volchek, a Moscow-based spokesman for the companys overseas unit, said by phone today.

Iraq approved the sale of Statoil ASA (STL)s 18.75 percent in the field to Lukoil, Oil Minister Abdul Kareem al-Luaibi said March 7. Lukoil and Norways state-controlled Statoil won the rights to develop the second phase of the West Qurna field in December 2009, agreeing to produce 1.8 million barrels a day from the field in southern Iraq about 40 miles (65 kilometers) northwest of Basra, for a fee of USD1.15 a barrel.
Volchek declined to comment on any agreement with Statoil.
Author:Anna Larionova
Tags:naphta, oil.
Category:General News
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