MOSCOW (MRC) -- Russian crude producer Lukoil is in talks with Saudi Aramco on potential joint projects outside Russia and Saudi Arabia, including some in Africa, reported S&P Global with reference to CEO Vagit Alekperov's statement Wednesday on the sidelines of the Russia-Africa Summit in Sochi.
"We are constantly discussing joint opportunities with them, including their interest in third countries, in Africa, but this is still at the stage of studying and talks," Alekperov told reporters.
He added that the companies are not currently in talks over cooperation in Uzbekistan.
Alekperov said that Lukoil is also looking to increase its cooperation with Eni in the Republic of Congo.
Earlier this year Lukoil acquired a 25% stake in the Marine XII license offshore the Republic of Congo, on which Eni is operator and holds a 65% stake. State-owned company Societe Nationale des Petroles du Congo also holds a 10% interest in the project.
Alekperov added that the company assumes an oil price of around USD60/b in its budget and other economic parameters, and that African projects that the company is looking into are commercially viable at this price.
Lukoil is planning to sign new agreements with African partners during the summit, Alekperov said.
"These are, as a rule, offshore projects, plus a number of African countries asked us to study and give possible comments on downstream," he said.
Finally he said Lukoil was not in talks with Brazil's Petrobras over a stake in two production projects in Nigeria. Earlier this month the Nigerian Petroleum Ministry indicated that Lukoil was interested in taking over Petrobras' stakes.
According to ICIS-MRC Price report, Stavrolen (part of Lukoil), Russia's major polyolefins producer, has resumed its polypropylene (PP) production in Budennovsk after a long scheduled turnaround. The plant's customers said Stavrolen had fully resumed its PP production after the long scheduled maintenance by 15 October. The outage began on 6 September. The start-up of the plant"s high density polyethylene (HDPE) production will take place with a week delay.
Lukoil is one of the leading vertically integrated oil company in Russia. The main activities of the company include operations for exploration and production of oil and gas, production and sale of petroleum products. Lukoil is the second largest private oil Company worldwide by proven hydrocarbon reserves. In Lukoil structure includes one of the largest Russian and Ukrainian petrochemical industries Stavrolen and Karpatneftekhim.
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