Russian-Saudi Companies Sign Agreement

Lukoil's international arm, LUKoil Overseas, and the Saudi Aramco oil corporation have signed a shareholders agreement which regulates the operation of the joint Luksar enterprise, according to a LUKoil Overseas press release.

Luksar was established in keeping with LUKoil tender commitments to carry out prospecting for gas block A in Saudi Arabia. LUKoil holds 80 per cent of the joint enterprise's shares, and Aramco 20 per cent.