By Matteo Castia

Lukoil PJSC said Thursday it has signed an agreement with Kazakh energy group JSC NC KazMunayGas on the Al-Farabi project in the Caspian Sea's Kazakh sector.

Following the principles agreement signed in June 2019, this deal defines rights and obligations of the two companies as future license holders under the project, said the Russian oil company.

Lukoil and KazMunayGas are aiming to establish a joint venture. It would be 50.01%-owned by KazMunayGas, with Lukoil holding the rest.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

October 08, 2020 03:27 ET (07:27 GMT)

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