LUKoil decreased crude output about 5.5 percent last year while boosting reserves through exploration as Western Siberian fields declined. LUKoil decreased crude output about 5.5 percent last year while boosting reserves through exploration as western...

Norway's Statoil wants to sell its stake in the West Qurna-2 oilfield to LUKoil and the Iraqi oil ministry has no objection "in principle." BAGHDAD — Norway's Statoil wants to sell its stake in the West Qurna-2 oilfield to LUKoil and the Iraqi oil ministry has no objection "in principle...

LUKoil expects to invest about $1.3 billion from 2012 to 2022 in its Arctic venture with Bashneft. LUKoil, which in December bought a 25 percent stake in the project to develop the Trebs and Titov oil fields in northern Russia from Bashneft, expects the...

... decree brings discounts to 30 percent on some fuels used for spring sowing. Signed by Prime Minister Vladimir Putin, the regulation is likely to increase the number of voters thankful to him in rural areas. The discount that companies like Rosneft, LUKoil and TNK-BP have committed to in past years was 10 percent of the retail price. It cost them 17 billion rubles ($548 million) last year, according to Interfax. The tripling of the discount takes place on the background of recent public protests...

PERM — LUKoil-Perm discovered a new oil deposit in the Perm region with about 20 million tons of assumed recoverable reserves, the company said in a statement cited by Interfax on Thursday. LUKoil-Perm came across the deposit while drilling its first prospecting...

... been a source of public outrage. It was always President Dmitry Medvedev who went out of his way by promising to "get to the bottom" of the latest injustice — for example, the possible cover-up of the fatal car accident involving a LUKoil executive on Leninsky Prospekt, the death of Hermitage Capital lawyer Sergei Magnitsky, the brutal beatings of journalist Oleg Kashin and the persecution of Khimki forest highway protesters. But because Medvedev never made good on his promises...

....5-kilometer hose leading from a breach in the pipeline to a 20-ton storage tank. More than 40,000 liters of stolen diesel were recovered, according to the statement. The pipeline handles low-sulfur diesel from refineries including TNK-BP's Ryazan plant and LUKoil's Nizhny Novgorod facility, said Ilya Arkhipov, a spokesman for the operator. (Bloomberg)

Bulgaria's Customs Service has presented LUKoil Neftokhim Burgas with protocols confirming the oil refinery's storage operations have been brought in line with the law on excise duties and the storage taxation regime, Interfax reported Tuesday. (MT) Rosatom made an offer to build, own and operate...

... Corp., Petroliam Nasional, Indian Oil Corp. and Oil India Ltd., will start production at the Carabobo 1 block in August and reach output of 35,000 bpd in December, Ramirez said. The Consorcio Nacional Ruso is a venture with Gazprom, Surgutneftegaz, LUKoil, TNK-BP and Rosneft. OPEC listed Venezuela's production at 2.37 million bpd in December, according to the oil cartel's January Oil Market Report. 179743

... a quarter of Russian GDP, Prime Minister Vladimir Putin, who earlier had estimated last year's growth at 4.2 percent, wrote in an article published Monday in Vedomosti. Higher energy prices benefited some of Russia's largest oil producers, including LUKoil, TNK-BP and Gazprom Neft, all of which are projected to have had record profit last year. Gazprom, the country's gas export monopoly and largest company, is also forecast to record its biggest-ever profit in 2011. Urals crude, Russia's main export...

... (an ArcelorMittal subsidiary) case, both the nondiscrimination and the protocols based defenses are largely no longer available. The "sister company" defense is currently under massive attack in the Naryanmarneftegaz (a joint venture between LUKoil and ConocoPhillips) case and appears to be cracking under artificial conduit structure argumentation. In this context it is important to revisit the historical financing structure you have been using for your Russian business, and the potential...

... special department of the Russian Federal Tax Service, which currently has about 50 staff members and is most likely to focus on the major players. Nevertheless, such Russian business giants as Gazprom, Russian Railways, Norilsk Nickel, RusAl, TNK-BP, LUKoil, NLMK, Rosneft and IDGC Holding are expected to form a consolidated group of taxpayers (CGT). The prices of transactions concluded between the companies within a CGT will not be subject to control as expressly stated in the law. The challenges...

... year, he added. The challenges presented by older oil fields — or brownfields — are particularly acute for Russian oil majors. Almost 90 percent of TNK-BP's production comes from brownfield sites. Other companies such as Surgutneftegaz, LUKoil and, to a lesser extent, Rosneft also have significant dependency on aging fields. But analyst Davletshin singled out the efficiency of TNK-BP's approach. "There is a strong link with economics," he said. "In other companies, most...