Middle East Economic Survey


No 27



Lukoil Buys Out Eni’s 50% Stake In Egypt And Azerbaijan JVs

Lukoil announced on 30 June it had agreed to buy out Eni’s 50% stake in LUKAgip, the 50:50 joint venture between the two companies that operates in Egypt and Azerbaijan. Completion is subject to certain closing conditions and is expected to take place in the third quarter of 2004. LUKAgip owns a 24% interest in the Melehia hydrocarbon license...