Dubai/Moscow: UAE's ADNOC awarded Russia’s LUKOIL a five percent stake in the Ghasha ultra-sour gas concession, ADNOC said in a statement on Tuesday.

LUKOIL is to initially invest AED 697.3 million ($190 million) as signing fee in the project which is expected to produce over 1.5 billion standard cubic feet of gas per day.

The agreement was signed on the sidelines of a state visit by Russian president Vladimir Putin to the UAE.

ADNOC also signed a strategic framework agreement with Russia's Public Joint Stock Company Gazprom Neft to explore collaboration opportunities in both the upstream and downstream sectors, according to a statement by the UAE company.

 

(Reporting by Dahlia Nehme and Olesya Astakhova in Abu Dhabi; Editing by Chizu Nomiyama) ((dahlia.nehme@thomsonreuters.com;))