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16 Apr, 2008 04:33

Lukoil & De Beers seal precious deal on diamonds

Russian oil major Lukoil and diamond giant De Beers have settled their 15-year-long dispute over the Verkhotinskaya diamond field.

Located northwest of the Russian city of Arkhangelsk, the Verkhotinskaya diamond field has been the subject of a row between the companies since 1993.

Lukoil says the deal surrounds the acquisition of ADC’s (Archangel Diamond Corporation) stake in the Arkhangelsk Geological Extraction Enterprise, in which Lukoil holds 100% of the shares.

The stake acquired by ADC, which is owned by De Beers, will not exceed 49.9%, with the remainder staying in the hands of Lukoil.

Finalisation of the transfer depends on approval from Russia's Federal Anti-Monopoly Service and other preliminary conditions.