De Beers to acquire stake in Russian diamond depositApril 16th, 2008 - 8:15 pm ICT by admin
Moscow, April 16 (RIA Novosti) Diamond multinational De Beers will acquire a large stake from Russian oil giant LUKoil in one of Europe’s biggest diamond mines, LUKoil’s press office said. LUKoil and De Beers here Tuesday signed an agreement on the ownership and development of the Verkhotina diamond project located in the Arkhangelsk region in Russia’s northwest.
Under the agreement, Archangel Diamond Corporation (ADC), a Canadian-based subsidiary of De Beers, will acquire up to 49.99 percent shares held by LUKoil in the Arkhangelskoye Geologodobychnoye Predpriyatiye (AGD), a company currently wholly owned by the Russian oil company and licensed to develop the Verkhotina diamond field.
LUKoil will retain the remaining controlling stake in the project.
Once the deal is completed, litigation and arbitration proceedings related to the ownership of the license to develop the Verkhotina diamond field, which was discovered in 1996 by an exploration venture set up by ADC and AGD, will be terminated, LUKoil said in a statement.
- LUKoil ups stake in Italian refinery - Sep 05, 2012
- Russia resumes oil deliveries to Belarus after price agreement - Jan 26, 2011
- Putin cracks down on car sirens used by officials - May 19, 2012
- Kazakhstan allows Russia to resume space launches - Jun 16, 2012
- Russia to raise fuel export duties due to domestic shortage - Apr 29, 2011
- ExxonMobil and Rosneft sign deal for joint development of Arctic and Black Sea resources - Aug 31, 2011
- Woman keeps dead baby in fridge for five years - Apr 04, 2012
- Russia, Venezuela sign package of oil deals - Sep 10, 2009
- Gay activists fined in Russia - Apr 25, 2012
- Russian budget deficit expected at 1 percent of GDP - Feb 02, 2012
- Russian billionaire buys Monaco football club - Dec 24, 2011
- Ukraine, Brazil talk on energy - Jan 24, 2012
- Russia to help Venezuela develop nuclear project - Apr 03, 2010
- Russia to increase energy exports to Asia-Pacific - Sep 04, 2012
- Gazprom inks sponsorship deal with Chelsea - Jul 18, 2012
Tags: adc, agd, arbitration proceedings, archangel diamond corporation, arkhangelsk region, biggest diamond, de beers, diamond field, diamond mines, diamond project, litigation, lukoil, moscow, northwest, ria novosti, russia, russian diamond, russian oil company, stake, subsidiary