Sector News

Russia’s Lukoil says Saudi Aramco wants to raise stake in Luksar

June 24, 2015
News
(Reuters) – Saudi state oil company Saudi Aramco wants to raise its share in Luksar, a joint venture with Russia’s Lukoil, to 50 percent, the chief executive of the Russian company said on Wednesday.
 
“They are interested in taking their share to 50 percent,” Vagit Alekperov, Lukoil CEO, told reporters.
 
Lukoil has a majority stake in Luksar but industry sources said in April the company was likely to pull out from Saudi Arabia as the economics of its search for gas have been crushed by the collapse in the oil price. (Reporting by Olesya Astakhova; Writing by Maria Kiselyova, editing by Elizabeth Piper)

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