RusEnergy

26.01.2005 11:05 [Neftegaz.ru] - U.S. oil major ConocoPhillips plans to increase its stake in Russia’s oil giant Lukoil to 20 percent and invest into a joint project of developing Timan Pechora field.Kevin Meyers, the newly elected member of Lukoil’s BOD, and a former Conoco’s representative, said, "The development of Timan Pechora will cost several billions of dollars.”"We're going to continue acquiring shares in Lukoil. The pace will depend on market conditions," Meyers said.The venture of Conoco and Lukoil is called Rusco. Rusco's output is expected to reach 200,000 barrels per day by 2008. The crude will flow through the port of Varandei, which the two companies plan to expand to handle 240,000 bpd.