Russia's Lukoil eyes ME assets

St Petersburg (Russia), February 25, 2011

Russia's Lukoil is hoping to fully replace its reserves over the medium term and is looking to acquire new assets, including in the Middle East, to achieve this, its chief executive said on Friday.

Vagit Alekperov told reporters that the oil major was looking to achieve an average reserve replacement ratio of 100 percent 'or slightly higher' over the next 10 years.

'In Russia there are a lot of assets, we are interested in  assets in the Middle East,' he said.-Reuters

Tags: Lukoil | Russia oil giant |