By the OGJ Online Staff
HOUSTON, Aug. 8 -- Lukoil Overseas Holding Ltd., a subsidiary of Russian company Lukoil, has agreed to acquire a 55% stake in OOO AmKomi for $38.5 million.
The deal will bring Lukoil's stake in exploration and development company AmKomi to 65%, a controlling share.
AmKomi owns nine production licenses and one exploration license in the Komi Republic that, Lukoil said, contain reserves of 20.8 million tons.
All producing fields are in an initial stage of production, said Lukoil.
As part of the agreement, Lukoil Overseas -- through Russian group Lukoil-Perm -- will provide $17 million in financing for AmKomi to settle its debt to the International Finance Corp. and to Aminex PLC. It will also provide financing for company development.
Presently, Lukoil-controlled OOO Komineft owns 10% of AmKomi; the Republic of Komi owns 35%; and Cyprian company Aminex Production Co. Ltd. owns 55%.
LUKOIL Overseas Pres. Andry Kuzyaev said the acquisition of the controlling stake in AmKomi, along with the previous acquisition of a controlling stake in OOO Parma-Oil and a recent offer to buy oil company Baitek, has "formed the basis for an establishment in the southern part of the Republic of Komi of a new oil company with total reserves up to 80 million tons and annual production up to 3 million tons.
"Economic advantages of the deal with Aminex (as well as acquisition of a 50% share in OOO Permteks) also mean that Lukoil Overseas acquires proven reserves at the price that will secure high efficiency," he said.
