ADNOC Awards LUKOIL a Stake in the Ghasha Sour Gas Concession

The Abu Dhabi Government and the Abu Dhabi National Oil Company (ADNOC) have awarded to a subsidiary of the Russian listed PJSC Lukoil Oil Company (LUKOIL) a five percent stake in the Ghasha ultra-sour gas concession that comprises the Hail, Ghasha, Dalma and other offshore sour gas fields in the Emirate of Abu Dhabi.

At the same time, ADNOC, LUKOIL, and the Management Company of Russian Direct Investment Fund (RDIF) signed a framework agreement to explore potential future cooperation in relation to the Ghasha concession.
The concession award to LUKOIL marks the first time that a Russian company joins an ADNOC concession and builds on the strong and strategic bilateral relations between the UAE and Russia. It also reaffirms the confidence of the international community in the UAE’s trusted and reliable business environment.

In celebration of the friendly ties between both countries, the exchange of the signed concession and framework agreements was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Vladimir Putin, President of the Russian Federation, on the occasion of the president’s state visit to the UAE.

The accession to the concession agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Mr. Vagit Alekperov, President of LUKOIL. The framework agreement was signed by H.E. Dr. Al Jaber, Mr. Alekperov, and Mr. Kirill Dmitriev, CEO of RDIF.

Under the terms of the concession award, LUKOIL will invest an initial sum of AED 697.3 million ($190 million) as a signing fee for the concession. ADNOC maintains a majority stake in the concession, which has as further concession holders Italy’s Eni, Germany’s Wintershall Dea, and Austria’s OMV.

Source / More : ADNOC

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