Wintershall Dea withdrew from a joint project with Lukoil

The German Wintershall Dea transferred 50% in the Volgodeminoil oil project to its partner, Lukoil’s subsidiary RITEK, according to the company’s website. Now RITEK will independently manage the Volgodeminoil JV, becoming its sole owner. The amount of the deal was not disclosed.

“On May 27, 2021, Wintershall Dea, by mutual agreement of the parties, transferred its share in the project, equal to 50%, to a long-term partner in the south of Russia. This step has already been approved by the Federal Antimonopoly Service (FAS) of the Russian Federation, ”the message says.

Volgodeminoil JV was founded in 1992, Wintershall and Lukoil owned parity shares. The joint venture operates in fourteen districts of the Volgograd region and two districts of the Saratov region. It also produces oil and gas from twelve fields.

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