Vagit Alekperov, president of Lukoil Oil Co. Pjsc, said on Tuesday that it is discussing joint ventures with Saudi Arabian Oil Co. on the international stage. The kingdom's energy monopoly, better known as Saudi Aramco, its the biggest partner in oil trading and swaps, TASS quoted him as saying in Houston.
While talks are underway to extend cooperation to third countries, Swiss unit Lukoil International Trading and Supply Co. SA or Litasco SA is increasing orders from the Middle Eastern country, the top manager revealed. The volume grew to two million tons from between half a million and 700,000 tons, he added.
The projects under consideration are both for downstream and upstream operations. Earlier, Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih expressed interest in cooperation with Russian firms in refining and gas chemistry.
