Rosneft, Lukoil move determination of joint projects to year-end
SOCHI. Sept 16 (Interfax) - Rosneft and Lukoil have pushed back their listing of joint projects to the end of this year, Lukoil chief Vagit Alekperov told the press.
"We have extended the timeframe to the end of the year," Alekperov said.
The negotiation process is not going smoothly, he said, and is complicated by the fact that existing law does not provide investors with the opportunity to have licenses reissued to joint ventures when Russia's continental shelf features in.
As reported, the two companies have inked a long-term cooperation agreement to unite forces in exploration and prospecting, development and transport of raw hydrocarbons at licensed sections in the Nenets autonomous district, geological prospecting at sections licensed to Rosneft on Russia's continental shelf, and the development of already-open deposits in accordance with existing Russian law.
Rosneft and Lukoil had been looking to work up final options for working together with specific calculations before September 1.
