Lukoil Holdings

Lukoil is the second largest oil company in Russia but a newcomer to the international petroleum scene, with modest exploration and production activities in Azerbaijan, Kazakhstan, and Egypt. The company's first involvement in the Middle East was in Iraq in 1997 when it obtained exploration rights in the giant West Kurnah oilfield. In late 2003, the rights were revoked but Lukoil considers the deal sill valid.

In January 2004, Lukoil boosted its involvement in the region by signing a joint venture deal to find and pump gas in Saudi Arabia's Empty Quarter Block- A, which covers 29,900 square kilometers, joining a new club of foreign energy firms to gain a foothold in the Kingdom. The company plans to invest up to $200 million developing the area over the next five years.