2 Russia Oil Giants Plan Caspian Venture
Jul. 01, 2003
MOSCOW (AP) _ Lukoil and Gazprom, two of Russia's largest energy concerns, announced Tuesday the creation of a joint venture to tap reserves in the Caspian Sea.
The new company, TsentrCaspneftegaz, will be the Russian operator of the Tsentralny hydrocarbon structure, a potential energy reserve situated in the Russian sector of the Caspian Sea.
According to Lukoil research, recoverable reserves there amount to 574 million tons, Lukoil said in a news release.
The Caspian is believed to contain the world's third-largest energy reserves. Russia shares the sea with Kazakhstan, Iran, Turkmenistan and Azerbaijan, although they have failed to reach an overall agreement on dividing the Caspian since the Soviet collapse.
Lukoil and Gazprom, each with a 50 percent share in the new company, will operate the project with the Kazakh state oil and gas company KazMunayGaz.