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    LUKoil Increases Its Stake in Kandym Project

    09.06.2004 9:34
    The stake of Russian oil major LUKoil in the company created for the Kandym oil and gas project in Uzbekistan, which now amounts to 70% , will increase to 90%.
    Uzbek oil company Uzbekneftegaz approves LUKoil’s move, saying the stake increasing will stimulate LUKoil to speed up its work.
    The Kandym field is the largest of the deposits, with over 100 bcm of gas. The maximum extraction volume under the project is anticipated to be 8.8 bcm per year.
    A gas and chemicals complex able to process 6 bcm per year and costing around $250 million is planned for construction, as are two compressor stations, a 200-kilometer gas pipeline and other production facilities.