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. Last Updated: 07/27/2016

LUKoil, Azeris Seek JV

Russia's LUKoil conglomerate is discussing the creation of a joint venture in Azerbaijan with the Azeri state oil company, SOCAR, Azerbaijan's Turan news agency reported Monday.

LUKoil President Vagit Alekperov is in Baku for talks about forming a 50-50 joint venture known as Azeri-LUKoil to engage in the exploration and output of oil and gas, it said. Turan reported the venture was created to pave the way for LUKoil's participation in development of the Kyapaz field, in the Caspian Sea.