Lukoil leaves Saudi Arabia
Due to low prices for crude oil in the world market and unsettled economic problems, a JV LUKSAR terminates its operation in Saudi Arabia.
Lukoil holds 80% in the JV Luksar, Saudi Aramco – 20%.
“There are many economic problems. It is not efficient with low oil prices, with deep layers, it is expensive”, is reported.
Another source of Reuters in Lukoil said: “Now, when the oil price is too low, there are no chances to get an acceptable gas price from the Government of Saudi Arabia”.
According to the third source, Lukoil kept assessing the perspectives of the company’s operation in Saudi Arabia and the final decision hasn’t been made as yet. He said that ht negotiations with the respective agencies of the country go on but Lukoil is close to making a decision… if there are no steps towards the improvement of the project’s economy.
