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Lukoil to invest 30 bln rubles in Kalmykia in next two years

 Lukoil (MOEX: LKOH) plans to invest about 30 billion rubles in projects in Kalmykia over the next two years.

 
Lukoil president Vagit Alekperov and Kalmykia leader Alexei Orlov signed a cooperation agreement between the oil company and the republic in Elista on Friday, an Interfax correspondent reported from the signing ceremony.
 
"In the next two years investment [in Kalmykia] will total about 30 billion rubles. Major investment, almost $1 billion that will go into a number of projects," Alekperov told reporters.
 
A project to develop infrastructure for North Caspian fields calls for construction of onshore installations for receiving oil, a gas pipeline and an oil pipeline.
 
"This agreement is a framework that will be filled out annually with protocols that will specify each of our projects. The company has assumed the obligation to create an additional tax base here through the projects that we are currently implementing in Kalmykia," Alekperov said.
 
He also said that Lukoil has already begun construction on the largest project in Russia - infrastructure development for the Filanovsky field in the North Caspian.
 
"Overall investment in this project will amount to 125 billion rubles. We're supposed to complete all work by the end of 2015," Alekperov said.
 
Orlov said the regional authorities are providing the oil company with a favourable regime for resolving all issues related to Lukoil's investment and business activities.
 
"Cooperation with Lukoil falls completely within the context of the investment agreements that we had," Orlov said.
 
Kalmykia signed an agreement with Lukoil at the St. Petersburg International Economic Forum in 2007 as part of the investment project in the North Caspian.
 
 
 
22 April 2014

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