Russia’s LUKOIL plans to invest in Uganda’s nascent petroleum industry as foreign interest in the country’s newly found oil continues to mount, a statement from the Ugandan president’s office said Monday.

The east African economy is under a growing spotlight by petroleum
investors as leading industry players scramble for oil reserves
discovered in the west of the country.

A delegation from the company led by Vice President for Business
Development, Andrei Sapozhnikov, met Uganda’s President Yoweri Museveni
on Friday to discuss their plans, the statement said.

“Sapozhnikov expressed interest in the oil exploration, refinery and
the training of local manpower to facilitate the development of the
sector,” the statement said without giving any indication of how much
LUKOIL was looking to invest.

It said Museveni was “pleased to receive the investment proposal of the
company and informed his guests of the variety of opportunities in the
petroleum sector in Uganda”.

LUKOIL is the latest petroleum company to seek entry into Uganda following China’s CNOOC and France’s Total among others.

Italy’s Eni SpA pulled out of its planned $1.5 billion purchase of Heritage Oil Plc’s Ugandan assets last week.

Tullow Oil and Heritage control three oil blocks that cover the Ugandan
side of Lake Albert, but the explorers lack the technical skill and
resources to develop the complex project alone.

Explorers discovered crude deposits in 2006 that they say could amount
to billions of barrels of oil in the Albertine Graben, on Uganda’s
western border with the Democratic Republic of Congo. Production is
expected to start later this year.

Source: Reuters

Search to find what you want

• Total deliveries of petroleum products Vysotsk LUKOIL-II (Leningrad region) in 2009, up 9%

    Overall oil products turnover through cargo handling complex of Vysotsk LUKOIL-II of Leningrad region in Gulf of Finland from January through December recent year amounted to 13.9 million tones compared with 12.7 million tons in 2008. According to operative data of the port in 2009 the terminal handled 4.2 million

• Uganda to decide on oil deals

    Uganda has said it will decide in a few weeks about Tullow Oil’s bid to acquire partner Heritage Oil’s assets, and added that China’s CNOOC had expressed interest in partnering with Tullow. Heritage, which co-owns Block 1 and 3A with Tullow, has been trying to offload its stakes in Uganda’s

• LUKOIL And together Rosmorport on the development of sea ports and bunkering vessels

    President of LUKOIL Vagit Alekperov and CEO of Rosmorport Igor Rusu signed a cooperation agreement on December 21 in Moscow, the Lukoil press service reports.

• LUKOIL net income reached 5.3 billion USD in nine months of 2009

    LUKOIL publishes consolidated US GAAP financial accounts for the third quarter and nine months of 2009. The Company’s net income was $5,285 million in the nine months of 2009, including $2,056 million in the third quarter. EBITDA was $10,237 million.

• Lukoil gets permission to acquire Total refinery Game

     The European Commission has given Russian major Lukoil the go-ahead to acquire a 45% stake in a Dutch refinery from French major Total. Lukoil has been quoted saying the deal for a 45% stake in Total Raffinaderij Nederland (TRN) will cost it some $725 million. According to Dow Jones Newswires, US

• Major oil companies like to market Uganda

    Global oil giants continued their efforts to get access to Uganda’s untapped oil reserves estimated at 2 billion barrels. Oil companies from India, Italy, Russia, France and China are among firms that have already expressed interest in investing in the East African nation’s oil reserves.

• Lukoil and Statoil signs contract for West Qurna-2 field in Iraq

    President and CEO of Statoil, Helge Lund, together with president of Lukoil, Vagit Alekperov, signed the development and production service contract for West Qurna 2 in Baghdad on Sunday 31 January. “We are happy to have secured an important position in Iraq and look forward to further cooperation with Lukoil

• LUKOIL raised a loan of $ 1.2 billion

    ОАО LUKOIL attracted a syndicated loan amounting to USD 1,200,000,000 today. The interest rate is LIBOR plus 4% per annum. The loan term is 3 years. The loan is secured by proceeds from oil export contracts. The leading authorized organizers are: ABN AMRO BANK N.V., LONDON BRANCH, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

• Lukoil wants to buy BP stock in the Caspian Pipeline Consortium

    Russia’s oil firm LUKOIL hopes Kazakhstan will agree this week to its plan to buy BP’s share of their joint venture, which has a minority stake in the Caspian Pipeline Consortium (CPC), LUKOIL’s chief said. “We hope the agreement will be signed within a week,” LUKOIL President Vagit Alekperov told reporters

• Lukoil wants to buy BP stock in the Caspian Pipeline Consortium

    Russia’s oil firm LUKOIL hopes Kazakhstan will agree this week to its plan to buy BP’s share of their joint venture, which has a minority stake in the Caspian Pipeline Consortium (CPC), LUKOIL’s chief said. “We hope the agreement will be signed within a week,” LUKOIL President Vagit Alekperov told reporters

• Add Lukoil oil storage capacity in the Persian Gulf, Singapore

    OAO Lukoil, Russia’s second-biggest oil producer, plans to add storage capacity for oil products in the Persian Gulf and Asia to boost profit from those markets on bets that demand for fuels will rebound. Lukoil International Trading & Supply Co. will increase its storage facilities for gasoline and distillates in

• Uganda Minister: Libya is not for oil in Uganda Reported Eni Deal

    Any bid by Libya to purchase shares in Italy-based Eni Spa (E) wouldn’t be about Ugandan oil, Uganda’s Minister of Foreign Affairs Sam Kutesa said Monday. Libya “has more oil than Uganda will ever find,” Kutesa said in a statement, dismissing concerns that Libyan president Moammar Gadhafi wants access to

• Uganda s oil reserves in 3 blocks could 6B Barrels Hit

    Oil reserves in Uganda’s three blocks along the Lake Albert basin could be at least 6 billion barrels up from the current estimate of 2 billion barrels once appraisals are completed in around two years time, the energy minister told Dow Jones Newswires Thursday. In an exclusive interview, Hilary Onek

• Zambia with Glencore in talks on oil supply tenders

    Zambia has chosen Glencore Energy as the preferred bidder to supply 1,4-million tons of petroleum feedstock to the southern African country over two years, the procurement authority said on Saturday. Zambia is the continent’s top producer of copper and uses a lot of diesel in the mining operations that are

• BP sells stake in Kazakhstan s Tengiz field, the Caspian Sea pipe to Lukoil

    BP Plc sold its interest in Kazakhstan’s Tengiz oilfield and the Caspian Pipeline Consortium to OAO Lukoil for $1.6 billion in cash, exiting the former Soviet republic to focus on areas such as Russia and Azerbaijan. Lukoil, Russia’s largest non-state oil producer, signaled interest last year in buying BP out