(MENAFN) Russian energy producer, Lukoil, announced its intentions to move its headquarters to Dubai, reported The National.
The Russian company, currently operating from Moscow, will move executives closer to the company's resources in the Gulf.
The relocation is set to be completed before the year's end. A spokeswoman of the oil company said: "We will establish the headquarters of Lukoil Overseas in Dubai in order to be closer geographically to our main projects. We already have between 600 and 700 employees in Dubai, many of whom are working on the Iraq project."
Lukoil's investment in Iraq's West Qurna 2 field will reach USD3.7 billion next year and employing around 7,500 in Iraq projects.
Oil is an important asset to the Russian economy as it oil and gas constitutes the country's largest income.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.