Lukoil and Hydro sign cooperation agreement

February 14, 2003, 00:00 CET

OAO Lukoil and Norsk Hydro have signed a protocol of intent for cooperation in various joint projects.

The protocol was signed by Ravil Maganov, first vice president of OAO Lukoil, and Morten Ruud, president of Norsk Hydro Exploration and Production International.

 At the same time, Lukoil Overseas Holding Ltd and Norsk Hydro also signed a contract relating to Lukoil’s participation in the Anaran block in the Islamic Republic of Iran, in which Hydro has a 100 percent interest. The contract has yet to be approved by the Iranian authorities.

Hydro's interest in Anaran dates back to 2000 when the company signed an agreement with the National Iranian Company granting Hydro exploration rights in the onshore block, located near the Iraqui border.

Lukoil Overseas Holding Ltd is the operator for OAO Lukoil’s international projects.

“The letter of intent between Lukoil and Hydro is very positive,” says Kama Holte Strand, information manager at Hydro Exploration and Production International. “It may also open up for cooperation on projects in Russia.”