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28 Oct 2019, Gergana Bencheva, EMIS Editor

Russia’s Lukoil to fully withdraw from Saudi gas project by end-2019

Russia's oil and gas major Lukoil hopes to complete its withdrawal from a Saudi gas project by the end of 2019, CEEMarketWatch reported referring to the company's CEO Vagit Alekperov. The project is regarding Luksar, a joint venture (JV) with Saudi Aramco in which the Russian group holds an 80% stake.

Luksar was supposed to develop a gas deposit in Saudi Arabia, but in 2016 Lukoil announced that it would quit the project because the sides could not agree on gas prices. According to the Russian side, exploration revealed a complex and very deep deposit and the partners could not find a working economic model, CEEMarketWatch added.

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Original source: CEEMarketWatch