20 Jun 2019 18:35

Lukoil planning LNG projects in Cameroon, Congo

MOSCOW. June 20 (Interfax) - Lukoil plans to develop liquefied gas projects abroad, in particular in Cameroon and Congo, the oil company's president, Vagit Alekperov, said at the AGM.

He said the company would not be carrying out LNG projects in Russia. "We plan [LNG projects] but only outside Russia. Russian legislation only allows state-owned companies to operate on the shelf. We hope that in the medium term these restrictions will be lifted, because the company possesses the skills and is working in the Barents Sea," Alekperov said.

"The same applies to LNG. The law allows only projects that started to be implemented before 2013. That is, Novatek . So we are looking at projects in Congo, and probably Cameroon, and in other countries where we have gas assets," he said.

Alekperov said earlier that Lukoil was thinking of thinking of setting up LNG capacity as part of the Marine XII project in Congo.

The company does not currently have any LNG projects.

Lukoil might one day start LNG trading, Alekperov said. "We don't do LNG trading. We are involved in the Shah Deniz project. Gas is being supplied to the European market - we are major consumers of gas in Italy, in Bulgaria and in the Netherlands. If we engage in pipeline gas we'll probably engage in LNG [trading] too. So projects in West Africa - Congo, Cameroon - they are geared to the construction of 'LNG tails' for gas utilization," he said.