Lukoil and Total to invest $120-150 million into joint venture on the development of the Bazhenov formation for two years

Lukoil and the French Total will invest $120-150 million into the joint venture on the development of the Bazhenov formation over the next two years, Lukoil’s head Vagit Alekperov told reporters at the St. Petersburg International Economic Forum during the signing of an agreement on the joint venture creation.

He added that despite the ratio of shares (51% belong to the Russian side and 49 % to the French one), decisions will be taken on parity basis.