LUKOIL suspends oil projects in Iran.

MOSCOW, June 25 (Itar-Tass) -- Russian oil major LUKOIL said it has
suspended projects in Iran following international sanctions on
investments into the country.
"Due to the development of the situation and the restrictions imposed
by the international community on investments on the territory of Iran the
company had to temporarily freeze its projects in the country," LUKOIL CEO
Vagit Alekperov told the Russia 24 TV channel late on Thursday.
He said his company will focus investments on geological prospecting
and field development.
"Major projects, such as the Caspian project, the development of big
fields in Iraq, geological prospecting in Western Africa, and major
geological works in the north of the Russian Federation demand additional
finances," he said, adding the company decided to save on refining and
retail trade.
As for the general situation in the oil industry, Alekperov believes
crisis phenomena are not yet over. "We are in the beginning of the end of
the crisis," he said adding fuel consumption in Europe and the United
States is not growing.
LUKOIL CEO believes oil industry recovery will continue in 2010 and
2011.

.Medvedev's envoy urges to accelerate APEC preparations.

VLADIVOSTOK, June 25 (Itar-Tass) -- The Russian presidential envoy to
the Far East urged to speed up the construction of objects for APEC summit
in Vladivostok in 2012.
"The situation causes concern, it is necessary to accelerate the
construction pace," Viktor Ishayev told a meeting in Vladivostok on
Thursday.
He specified that 17 out of 48 planned objects are still in the stage
of design.
Ishayev said that even if constructors assimilate 40 percent of total
funds this year, "colossal volume of work will remain for 2011."
Russian Regional Development Deputy Minister Roman Panov said 16
thousand people, over 150 design bureaus and contractors, and over a
thousand pieces of machinery are engaged at APEC sites. He said 5,500
workers are building the Far East University and 4,500 men are erecting
the bridge to the Russky Island.
However Director General of Crocus International Alexander Chernov
said the workforce is insufficient at present and the number of builders
of the University will double in a month.
"There is an immense volume of work and a strict schedule," he said.
At present 31 objects are under construction in Vladivostok, including
the Far East University on the Russky Island that is to accommodate APEC
summit. A total of 553 billion rubles have been envisaged for Vladivostok
preparations for the summit and 145 billion have been disbursed.
-0-nec


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