RIYADH (Pakistan Point News / Sputnik - 14th October, 2019) Russian energy giant Lukoil will make an investing decision on a liquefied natural gas (LNG) project in Cameroon by the end of the year, the company's CEO, Vagit Alekperov, said on Monday.
Alekperov announced in late June that Lukoil planned to engage in LNG projects abroad, including in Cameroon and the Republic of Congo.
"Yes, certainly," Alekperov said, when asked whether the decision could be made by 2019 end.
Lukoil may also join some projects on the Arctic shelf, if oil price stands at $80-120 per barrel and if restrictions for private companies are lifted, Alekperov went on to say. He noted that company was not currently interested in engaging in these projects, as it was unprofitable, given the existing oil price.
"We made an attempt to enter [the projects], when the oil price stood at $80-120 per barrel," Alekperov recalled.
He said that the company was ready to study the possibility to participate in projects on the Arctic shelf if restrictions were lifted, when asked, whether Lukoil was ready to engage if oil prices made $80-120 per barrel again.
Russian Deputy Prime Ministers Dmitry Kozak and Yury Trutnev decided in late August to draft a bill expanding the list of companies granted access to the Arctic shelf, while only Gazprom and Rosneft have this access as of now. Russian Deputy Energy Minister Pavel Sorokin confirmed earlier in October that the Energy Ministry had already received from the Finance Ministry the concept of the bill on giving private energy companies access to the Arctic shelf, noting that the concept was already being discussed.
The Russian Direct Investment Fund, the Saudi Arabian General Investment Authority and the Saudi Center for International Strategic Partnerships are organizing on Monday the Russian-Saudi investment forum on the margins of Russian President Vladimir Putin's visit to the Kingdom. The forum unites over 300 participants from Russia and Saudi Arabia.
