Located northwest of the Russian city of Arkhangelsk, the Verkhotinskaya diamond field has been the subject of a row between the companies since 1993, Russia Today reports.
The Transaction involves the acquisition by Archangel of an interest in OAO Arkhangelskoe Geologodobychnoe Predpriyatie (“AGD”), a Russian open joint stock company currently wholly-owned by LUKOIL Group and the holder of the licence to explore and mine the Verkhotina licence area.
The AGD interest to be acquired by Archangel will not exceed 49.99%. LUKOIL will continue to own the remaining interest in AGD, press release from Lukoil reads.
You can see a video clip about the issue on RussiaToday.ru
