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. Last Updated: 07/27/2016

LUKoil Terminal Plans

ST. PETERSBURG -- Russia's largest oil producer, LUKoil, hopes to finish building a new crude-oil export terminal in the Barents Sea in the second quarter of 2000, LUKoil's head told reporters.

"We hope the Varandei terminal will come onstream in April or May 2000," Vagit Alekperov said.

The cost of the first stage of a terminal near the Varandei field in the Timan-Pechora region in the north of European Russia is estimated at $50 million. The terminal will have an initial capacity of 5 to 6.5 million tons per year, which will eventually rise to 15 million tons.