Caspian Oil Company to Be Legally Established July 25

The LUKoil, YUKOS Russian oil companies and Gazprom will sign the documents on July 25 on the establishment of the Caspian Oil Company (COC), the press service of LUKoil announced. COC will explore and develop oil deposits on the northern shelf of the Caspian Sea. The founders will have equal shares in the company. Representatives of the three founders will head the new company in turn of one year. According to a forecast, YUKOS representative will be the first president of COC. The capacity of oil fields in the northern part of the Caspian Sea is estimated at 300-500 million tons in the zone of LUKoil only.