Russian energy giant planning to invest USD 400 million in Turkey

Rigzone.com – The Russian energy giant OAO Lukoil is planning to invest some USD 400 million in Turkey, the semi-official Anatolia news agency reported last week. "We are planning to develop our oil network in Turkey and raise our market share to ten percent" the report quoted the company's President Vagit Alekperov in Turkey's biggest city Istanbul. Meanwhile, Alekperov said that the Russian gas company Gazprom promised Lukoil to bring natural gas to Turkey and distribute it in the country. As one of the world's leading vertically integrated oil and gas companies, Lukoil mainly explores and produces oil and gas, petroleum products and petrochemicals, said the report. The company holds 1.3 percent of global oil reserves and 2.3 percent of global oil production, it added.