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Monday, September 17, 2007

LUKoil, CNPC sign co-production deal

MOSCOW, September 10 (RIA Novosti) - LUKoil [RTS: LKOH], Russia's largest independent crude producer, and China National Petroleum Corporation (CNPC) have signed a cooperation agreement, LUKoil said in a statement Monday. The two companies will cooperate in production, refining and processing of oil and natural gas, expanding their cooperation under existing projects, and launching new joint projects in third countries. LUKoil and CNPC will also consider cooperation in the export of oil and gas to China, as well as hydrocarbon processing in China. LUKoil and CNPC are currently operating two co-production projects in Kazakhstan that produced 3.4 million metric tons of crude and 119 million cubic meters of natural gas in 2006.

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