Lukoil to close Lukoil International Upstream West Inc in Houston

KOGALYM/MOSCOW, Mar 27 (PRIME) -- Russian oil major Lukoil will close its office Lukoil International Upstream West Inc. in the U.S. city of Houston, and redirect all employees to its subsidiary in Mexico and in Lukoil-Engineering, CEO Vagit Alekperov told reporters on Wednesday.

“Operations with shale oil didn’t work out for us,” he said.

A Lukoil representative later said that reorganization of Lukoil International Upstream West Inc. was done as part of a plan to boost subsidiaries’ management efficiency. Only seven people will be left in the Houston office as of May 1, and they will continue working until the end of the year, the spokesperson said.

End