MOSCOW, April 26 (UPI) -- Russian oil company Lukoil said it was planning a venture with state-run energy company Rosneft related to projects on the continental shelf.
Vagit Alekperov, president of private oil company Lukoil, said during a meeting with Russian Prime Minister Vladimir Putin that his company was ready to work with Rosneft in the Caspian region and the arctic shelf.
"This is the first time a consortium is being formed, not with foreign companies, but when two Russian companies are joining forces, financial assets, mineral resource assets to … design an integrated system, which would be economically efficient for all market participants," he was quoted by Russia's state-run news agency RIA Novosti as saying.
Lukoil and Rosneft under the terms of an April agreement said they would announce their final list of joint projects by September.
Rosneft is eyeing a similar effort with British energy company BP. TNK-BP, a joint venture between BP and four Russian billionaires, took BP to court over the deal arguing it violated the terms of the shareholder agreement.