Azerbaijan and Lukoil discuss alternative energy projects

14 October

Lukoil is not only interested in oil and gas fields in Azerbaijan, projects in the field of alternative energy are also discussed, Azerbaijani energy minister Parviz Shahbazov told reporters on the sidelines of Russian Energy Week.

"Lukoil is our long-time partner, we work closely. This [Shah Deniz] is not our first project. Lukoil today is also interested not only in oil and gas fields, but also in alternative energy. We are consulting and working," he said.

Earlier it was reported that Lukoil had signed an agreement to purchase from the Malaysian company Petronas a 15.5% stake in the Shah Deniz gas project in the Azerbaijani sector of the Caspian Sea for $2.25 billion. The deal will be closed after the fulfillment of prerequisites, including the consent of the state oil company Socar of Azerbaijan. Lukoil's stake in the project will increase from 10% to 25.5% after the deal is closed.

About forum

The Russian Energy Week international forum is a discussion platform in Russia aimed at discussing the challenges and prospects of the world's fuel and energy complex. This year the conference is taking place in the Moscow Manege on October 13-15. The forum will include more than 30 business events, which will be attended by heads of more than 200 companies from different sectors of fuel and energy complex. Also as part of the forum the Global Energy laureates were awarded. By tradition the forum program will end on October 15 with the Youth Day.



GSV "Russia - Islamic World"

Photo: Creative Commons

Based on materials from TASS