LUKOIL announced the departure from Saudi Arabia

Russian oil company LUKOIL announced its withdrawal from the project in Saudi Arabia. This was during the St. Petersburg economic forum said the head of the company Vagit Alekperov.

“We decided we’re leaving Saudi Arabia. Saudi Aramco takes drilled us well, but we agreed that we will remain partners and will continue to coordinate its activities on the foreign projects,” said Alekperov (quoted by “Interfax”). He added that the company is still interested in cooperation in third countries.

In 2004, LUKOIL and Saudi Arabia signed a 40-year contract for exploration and development of gas fields and gas condensate in block A, located near the world’s largest oil field, Ghawar.

For the project we formed a joint venture with the state oil company Saudi Aramco, LUKOIL Saudi Arabia energy Ltd. (LUKSAR). The Russian company it owns 80%, the national company Saudi Aramco — 20%.

The cost of LUKOIL’s exploration program is estimated at $215 million.

RBC is an online broadcast from the St. Petersburg economic forum