State approval would not be required, he said, as both the companies involved are Russian. Production would peak at 140,000 barrels a day in 2017, he added, cautioning that this was a conservative estimate.Īlekperov declined to reveal the financial details of the deal because, he said, "that is a commercial question linked to the development of this project." Trebs and Titov could come on stream between late 2012 and early 2014, Alekperov said, at a cost of about $6 billion. "The use of LUKoil infrastructure speeds up the pace for production," said Alexander Korsik, head of Bashneft.Īlekperov said LUKoil would pay 4.7 billion rubles ($167 million) for the stake in the joint project, which will be run through a Bashneft subsidiary holding the licenses for the fields. Both the pipeline and the terminal have available capacity. The tie-up will allow Bashneft to use LUKoil's existing pipeline system near the fields in the Nenets Autonomous District, as well as the $4 billion Varandei oil terminal on the Barents Sea, which loads tankers bound for the United States and Europe. "I have a personal love for Vagit and respect him deeply," said Vladimir Yevtushenkov, billionaire owner of AFK Sistema, which controls Bashneft, of fellow billionaire and president of LUKoil, Vagit Alekperov.
Midsized oil company Bashneft won a crucial jump-start for its development of the lucrative Trebs and Titov oil fields Friday when it signed a cooperation agreement with LUKoil, which will receive a 25.1 percent stake in the project.
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