Lukoil and Technip create joint venture Russian company
Posted: 25 July 2003
Lukoil and Technip, through their respective affiliates Lukoil-Neftegazstroy
and Technip Germany, signed an agreement in Moscow, on July 22,
2003, to create a 50/50 joint venture company for the development
and realisation of projects related to oil and gas production, gas
processing, refining and petrochemicals in Russia, as well as CIS
and other countries.
The joint-venture will have the exclusive right to bid on contracts
designated by both parties as projects they wish to pursue together
in Russia and, from time to time, in other countries as well. The
scope of cooperation includes all onshore projects other than drilling
Taking advantage of the complementary capabilities and experiences
of both parties, this new joint venture company will be in a position
to provide highly effective and competitive engineering, procurement
and construction services for project execution to various clients
in the Russian oil and gas industry.
Daniel Valot, Chairman and CEO of Technip, commented: “The
signature of this partnership agreement with a major Russian construction
player bodes well for the growth of our activities in a country
where we have 40 years of experience and which has a huge potential
for further oil and gas development.”
Serik Rakhmetov, Chairman of LUKoil-Neftegazstroy and LUKoil management
Board member, stated: “Technip being one of the best engineering
groups in the world, we are convinced that our joint venture will
add significant value to projects and to our joint benefits in the
With a workforce of about 19,000 persons, Technip ranks among the
top five corporations in the field of oil, gas and petrochemical
engineering, construction and services.
Headquartered in Paris, the Group is listed in New York and Paris.
The Group’s main engineering and business centers are located
in France, Italy, Germany, the UK, Norway, Finland, the Netherlands,
the United States, Brazil, Abu-Dhabi, China, India, Malaysia and
The Group has high-quality industrial and construction facilities
in France, Brazil, the UK, the USA, and Finland as well as a world-class
fleet of offshore construction vessels.
PSC "LUKoil-Nephtegazstroy" integrates more than 35,000
specialists, Company has the potential to carry out all types of
activities, from designing to “Turn-key” commissioning
of projects, as well as reconstruction, regular and capital maintenance
of commissioned and active projects and their after-construction
Each Company subdivision has its own production facilities for
manufacturing and assembling blocks and units for construction-and
Now PSC "LUKoil-Nephtegazstroy" has more than 15 branches
in Russia and abroad. Organisational structure of “LUKoil-Nephtegazstroy”
incorporates over 30 subsidiaries and affiliated companies with
share in their capital.
Close co-operation with our major partner “LUKOIL”
made Company a leading contractor at the market of engineering and
constructing services in the oil-and gas sector.
With proven reserves of 19.7 billion barrels of oil equivalent,
Lukoil is Russia number one oil producer and is among the world’s
top five publicly traded oil companies.
Lukoil operates in 55 of Russia’s 89 regions and is also
developing upstream assets in Azerbaijan, Kazakhstan, and several
For more information see http://www.technip-coflexip.com.
Posted by Richard Price,
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