LUKOIL intends to invest over $850 million to development of Grib diamond deposit located in the Arkhangelsk Region, to advance it to first production stage, according to a statement made by the company’s CEO Vagit Alekperov during signing cooperation agreement to the local government within the scope of St. Petersburg International Economic Forum 2012, PRIME reports.
“The company believes, and it is confirmed by all our calculations and estimates, that the first diamond production will be obtained in 2013; the company’s investment to the project till that stage are valued at over $850 million,” – Alekperov noted.
In his words, the project operated by LUKOIL’s subsidiary – OJSC Arkhangelskgeoldobycha has good profitability rates.
“We are developing it quite successfully, based on international analysis data,” – Alekperov added.
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