Lukoil to invest $50mln this year

Lukoil is expected to invest $50 million in its Azerbaijan partner projects and raise the number of service stations, Lukoil president Vagit Alakbarov told AssA-Irada Tuesday.

According to him, the sum is sufficient to maintain the company's share in Shah Daniz, Yalama and Zykh-Hovsan projects and to build 5-7 gas stations this year.

Mr. Alakbarov said EIA work on Yalama prospect is underway. In his words, the Shelf-7 drilling rig will be upgraded to start working on Yalama in 2004.

The Lukoil president said that he welcomes the recent Azeri-Turkish gas deal. Asked about the Baku-Tbilisi-Ceyhan MEP, he said he would share his view after the anticipated oil reserves are confirmed.*