Lukoil to invest roughly $1 billion into mining of diamonds in the Arkhangelsk region

The largest Russian private oil company Lukoil estimates investments into a diamonds production project at the Vladimir Grib deposit in the Arkhangelsk region at about $1 billion, the company’s Head, Vagit Alekperov reported at the meeting with the Russian President, Vladimir Putin.

Alekperov confirmed that the launch of dressing plant and production of the first diamonds are planned in November of this year and invited Putin to be present. Answering  the President’s question about the amount of investments into the project, Alekperov said: “About $1 050 billion, so this will be one of the largest pipes, which have been discovered in the world to date, and it will work”.

Earlier Lukoil voiced the investments in the amount of $850 million in the period before production.