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Russia’s Lukoil eyes 5% stake in Emirati gas concession

Russia’s Lukoil eyes 5% stake in Emirati gas concession
The deal may be closed in October

UAE – Mubasher: Russian multinational oil energy company, Lukoil, is planning to acquire a 5% stake in the offshore gas project Ghasha in UAE, which is held by the Abu Dhabi National Oil Company (Adnoc), the Russian News Agency (TASS) reported on Tuesday.

Lukoil’s CEO, Vagit Alekperov, announced that the deal might be closed in October, adding that negotiations were underway and that his company would buy the 5% stake from Adnoc, according to TASS.

Ghasha offshore 40-year gas concession includes ail, Ghasha, Dalma, and other offshore fields in the Al Dhafra area.

Italy's Eni, Germany's Wintershall, and Austria's OMV hold 25%, 10%, and 5% stakes in the concession, respectively.

On Tuesday, Adnoc signed a $12 billion partnership framework deal with China’s Wanhua Chemical Group for collaboration in the downstream sector.