Russia’s top oil producer Lukoil does not expect US oil major ConocoPhillips to increase its stake in it to over 20 percent, Lukoil’s chief executive told reporters late on Monday.
Vagit Alekperov denied speculation that he or other major stakeholders in Lukoil were planning to exchange their holdings for stakes in Conoco to help the US firm build up its holding.
He also said Lukoil was optimistic about prospects for reviving a deal to develop Iraq’s giant West Qurna deposit following recent meetings with Iraqi officials. He said more talks would follow in March or April.
Alekperov also said Lukoil had suspended a project to build a refinery in Turkey due to poor economics and would expand its existing refinery in Bulgaria instead.
(Reuters, 06/03/2007)