LUKoil and Pertamina ink cooperation deal

President of Russia's energy company LUKoil Overseas Holding Andrei Kuzyaev and Senior Vice President of Indonesia's state oil company Pertamina Sukusen Soemarinda have signed a memorandum of understanding Wednesday, a Russian agency reported.

The document provides for cooperation in the sphere of exploration and development of oil and gas fields in Russia, Indonesia, and other countries. The two companies have also agreed to cooperate in the sphere of increasing oil recovery on Indonesia's oil fields.

The management of both companies believes that cooperation between LUKoil Overseas and Pertamina may be grounds for joint exploration of oil fields and extraction of oil and gas in various parts of the world, the report said.(*)