Lukoil acquires oil producer Samara-Nafta for $2.05 billion


Lukoil acquires oil producer Samara-Nafta for $2.05 billion

MOSCOW -- Lukoil Holdings, Russia's second-largest crude oil producer, said Monday it had bought Samara-Nafta, an oil producer based in the Samara and Ulyanovsk regions in southwest Russia, as it attempts to increase production after years of dwindling output at its main fields.

Lukoil has signed a purchase agreement for $2.05 billion for a 100% stake in the producer, which has annual output of around 2.5 million metric tons.

The deal will be closed once state antitrust authorities approve it, Lukoil said.

"We have acquired a quality asset with long-term potential growth in a new region for us," Lukoil Chief Executive Vagit Alekperov said in a statement.

"This deal organically fits into the company's strategy to 2021, which foresees stabilization and increase in volumes of oil produced in Russia."

Dow Jones Newswires


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