LUKoil may become the first Russian oil company in Lebanon despite potential risks from regional politics and the war in? neighboring Syria.
LUKoil, which already operates in West Africa and Romania, is interested in winning a government tender to develop offshore fields in Lebanon, Kommersant reported Thursday.
"Negotiations are under way," company president Vagit Alekperov said at the World Economic Forum in Davos, Switzerland.
LUKoil's competition in the tender includes other international companies, such as U.S.-based Chevron and ExxonMobil, France's Total, China's CNOOC and Russia's Gazprom.
The tender process is expected to start Feb. 1, Kommersant reported. The results will be published March 31.
The Levantine Basin of the Mediterranean Sea may contain up to 3.5 trillion cubic meters of gas and 1.7 billion barrels of oil, according to estimates by the U.S. Geological Survey, Kommersant reported.
"Its production potential can be 90,000 barrels of oil per day over a 20-year period," the secretary-general of the World Energy Council, Roudi Baroudi, said.
There are risks for foreign investors, such as the ongoing civil war in Syria, which could spill over into other countries of the region. But cooperation between Lebanon and Russia is expected to strengthen.
"I would like to stress that we have good opportunities to develop bilateral relations and that I am ready to work toward this," Lebanese President Michel Suleiman said Tuesday.
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.