Lukoil, Qatar Petroleum Agree to Explore Collaborations

During the visit of Russian President Vladimir Putin to Qatar, Qatar Petroleum Chairman and Managing Director Abdullah Bin Hamad Al-Attiyah and Lukoil President Vagit Alekperov signed a Memorandum of Understanding in Doha on Monday regarding cooperation in the areas of exploration, development and recovery of oil and gas fields.

Under the MoU, the parties will work together to identify frameworks to explore possible opportunities for mutually acceptable participation in oil and gas projects within the territory of Qatar.

"Our Company is interested in participating in new projects, as well as in the existing oil and gas projects in Qatar, given the strategic significance of the Gulf region as the largest petroleum province of the world," said Alekperov.

Qatar has strong petroleum potential and highly developed economical infrastructure, and is one of the world leaders in production of liquefied natural gas (LNG).

"Qatar Petroleum welcomes international oil companies to participate with it in Qatar's development," said Al-Attiyah. "All of our developments, whether for gas, gas-to-liquids, LNG or petrochemicals, are built on long-term mutually beneficial relationship with strong international partners, and we look forward to exploring such opportunities with Lukoil."