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Lukoil to Sign Deal with Samsung on West Qurna-2

Source: Bloomberg 3/20/2012, Location: Middle East

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OAO Lukoil, Russia’s biggest non- state oil producer, will sign an agreement with Samsung Group this week on the development of the West Qurna-2 oil field in Iraq, according to the Iraqi Oil Ministry. South Korea’s Samsung will install “a crude-gathering facility and a central processing plant for West Qurna-2,” the ministry said in an e-mailed statement. The deal will be signed March 22, it said, without elaborating further.

Lukoil expects to complete the purchase of Statoil ASA (STL)’s stake in West Qurna-2 in May, Chief Executive Officer Vagit Alekperov said March 14. Lukoil may invite new partners to join the project, he said. Moscow-based Lukoil and Norway’s state-controlled Statoil won the rights to develop the second phase of the field in 2009.

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