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FINANCIAL NEWS
Russia’s Lukoil eyes gas deal with Saudi Arabia
19 Mar 2014
(MENAFN) Russia’s Lukoil plans to tap unconventional gas deposits in Saudi Arabia through a deal with the world’s top oil exporter, according to Arab News.
Saudi Arabia needs natural gas to help cover domestic power and conserve oil for export.
Sadad Al-Husseini, a former senior executive at Saudi Aramco said: “The assumptions of the initial gas exploration agreements do not exist anymore because in spite of a decade of exploration, no commercial gas discoveries have been made.”
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