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UAE Freezones Biz News Updates
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Dubai becomes the next destination for oil giant
Russian oil giant Lukoil will move its overseas division headquarters from
Moscow to Dubai.
Lukoil, the multi-billion dollar Russian energy producer, is expected to
move its overseas division headquarters from Moscow to Dubai, UAE-based The
National reported earlier this week.
The relocation will include shifting over 400 employees to the UAE, allowing
executives and company staff to have better control of Lukoil’s assets,
added the newspaper.
Some of the main company’s oil production operations are located in the
region, such as in Turkey, Iraq, and Cyprus.
“We will establish the headquarters of Lukoil Overseas in Dubai in order to
be closer geographically to our main projects. We already have between 600
and 700 employees in Dubai, many of whom are working on the Iraq project,”
The National quoted a Lukoil spokesperson in Moscow as saying.
The move would be finalized before the end of the year, he added.
Lukoil was founded in 1991 through the unification of three small oil
producers. Its overseas development began in 1994, when it bought a stake in
the Azerbaijan energy industry, and was soon involved in oil and gas
projects in Kazakhstan, Uzbekistan and West Africa, showed the company’s
website.
The oil company is interested in Saudi Arabian oil, but did not participate
with large international oil companies in bidding for part of Abu Dhabi’s
onshore oil business, which is currently being negotiated, reported the
newspaper.
Lukoil is vital to Russia's economic development. According to its online
website, it is one of the largest tax payers of the Russian Federation with
a total amount of $39.9bn paid in tax money during 2012.
30 July, 2013
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Courtesy AL ARABIYA NETWORK
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