Russia: Enel, Lukoil Sign MoU on Cooperation in Gas Industry

Today, within the framework of the XVI St Petersburg International Economic Forum, Fulvio Conti, CEO and General Manager of Enel and Vagit Alekperov, CEO and Chairman of the Management Committee of OJSC LUKoil, signed a Memorandum of Understanding on mutual cooperation in the gas industry.

Through today’s memorandum, Enel and LUKoil intend to further strengthen their relationship by focusing on joint opportunities in the natural gas value chain. More specifically, the parties will investigate possible joint upstream gas projects in the Russian Federation and abroad, with particular focus in the Caspian Sea and North African basin. The parties also decided to coordinate efforts on the analysis of the regulatory framework of the Russian natural gas industry. Also, Enel and LUKoil will share their respective knowledge by undertaking marketing studies on LNG and pipeline gas supply and demand trends in Europe and the Russian Federation. Finally the parties will review possible supply of Enel OGK-5 gas-fired power plants by LUKoil.

“Enel is very pleased with the chance to co-operate with such a relevant player on the Russian gas and oil market. This agreement will be beneficial to both parties for exploring new joint opportunities in the natural gas value chain, from upstream to gas supply” Fulvio Conti, CEO and General Manager of Enel, commented at the signing ceremony “We are confident that our companies will benefit from mutual knowledge sharing and joint activities.”

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LNG World News Staff, June 21, 2012