WASHINGTON, September 17 (RIA Novosti) - The U.S.-based oil company ConocoPhillips cannot increase its 20% share in the Russian oil giant LUKoil, LUKoil President Vagit Alekperov said Friday. ConocoPhillips and LUKoil heads spoke about the implementation of joint projects and discussed bilateral partnership at a meeting with Russian President Vladimir Putin in Washington.
"ConocoPhillips and LUKoil are strategic partners," Alekperov said after the meeting adding that both companies were involved in the development of the Timan-Pechora oil field.
"We reported [to Putin] on the development of our projects and investment programs and got the Russian president's approval," he said.
Alekperov also said that LUKoil ranked second in the sales of oil products in the northeast of the United States.
ConocoPhillips President James J. Mulva said that his company had special relations with LUKoil and cooperated with it both in Russia and abroad.
The Timan-Pechora field is one of the largest oil fields in the world located in the Komi Republic in the north of European Russia. Its oil reserves are estimated at 126 billion barrels.
