Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

LUKOil Signs With Agip

MOSCOW () -- Russia's largest independent oil company, LUKoil, signed an agreement Friday with international oil giant Agip's parent company, Ente Nazionale Idrocarburi of Italy, to jointly finance large-scale oil projects.

LUKoil is already working on several projects with ENI's units Agip Petroli and Agip SpA, including the construction of a refinery near Novorossiisk in southern Russia, said company president Vagit Alekperov.

The two companies are also jointly prospecting for oil in Egypt and Tunis and plan oil production in the Kogalym region of Western Siberia, Alekperov said. LUKoil and Agip Petroli will begin building a chain of jointly-owned gas stations in Russia by the end of the year, he said.