By the OGJ Online Staff
HOUSTON, Aug. 20 -- Lukoil Overseas Holding Ltd. has agreed to acquire the remaining 50% of joint venture Permtex LLC from SOCO International PLC, London, for $50 million.
Lukoil will hold 100% of Permtex following the transaction. Lukoil will also guarantee Permtex's $11 million in obligations to the European Bank of Reconstruction and Development.
Permtex owns licenses to develop several fields in Perm Oblast: Ozernoye, Tarkhovskoye, Mysinskoye, Borovitskoye, Magovskoye, and Logovskoye.
Lukoil estimates reserves in the areas at 17.7 million tons. Production in 2000 was 257,100 tons; in 2001, production should reach 330,000 tons.
Chairman of Lukoil-Perm Ravil Maganov said, "The new acquisition means further consolidation of the oil assets of Lukoil for the purpose of increasing volumes of oil production. This is the realization of the earlier asserted strategy of LUKOIL to bring the company's share in joint ventures to 100%."
Maganov noted that the Permtex project was given a high evaluation by the EBRD, which pledged to continue financing the project on former terms.
