Interview:Vagit Alekperov talks about priorities of Lukoil, the consequences of sanctions, production, oil prices and its dispute with Rosneft

Vagit Alekperov talks about the priorities of Lukoil, the consequences of sanctions, production, oil prices and its dispute with Rosneft

After the introduction of Western sanctions, many Russian companies turned to the East in search of financing. But Vagit Alekperov is not one of them. He believes that the Chinese loans are too expensive. Lukoil will continue to work in Europe, despite the challenges it faces. And in Russia Alekperov expects to get new areas for geological exploration, but doesn’t believe in the early admission of private companies to the Arctic.

Q- How much have the sanctions affected the Russian oil industry? Lukoil, for example, failed to implement a project with Total due to the limitations on the use of shale technologies.

A- I have said from the beginning that the sanctions would have an impact on the activities of oil and gas companies in Russia. Any restrictions adversely affect it. Investment ratings decline, although for our company it was kept at a level above the national one. The access to capital markets decreases, as do access to technologies. The formation of consortiums with foreign companies for the implementation of geological and technologically complex projects is complicated. All of this is happening now. We had to buy out the share of Total in our joint venture, because now Total can’t participate in it. But we are confident that after the lifting of therestrictions the company will return to our project.

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