LUKOIL shows interest in Azerbaijan's alternative energy

LUKOIL cooperates with Azerbaijan not only in the field of oil and gas, but also in the field of alternative energy, Azerbaijani Minister of Energy Parviz Shahbazov said on the sidelines of the Russian Energy Week forum.

He recalled that cooperation with LUKOIL has lasted for a long time, and close joint work is underway.

"LUKOIL is showing interest not only in oil and gas fields, but also in alternative energy," TASS cited the Azerbaijani Minister of Energy as saying.

Earlier LUKOIL signed an agreement to acquire an additional 15.5% interest in the Shah Deniz project in the Azerbaijan sector of the Caspian Sea for around $2.25bn om Malaysian Petronas. The completion is subject to fulfilment of conditions precedent, including approval by SOCAR, the State Oil Company of the Azerbaijan Republic.  As a result, LUKOIL's interest in the project will increase from 10% to 25.5%.