Saudi state oil company Saudi Aramco wants to raise its share in Luksar, a joint venture with Russia’s Lukoil, to 50%, the chief executive of the Russian company said on Wednesday.

“They are interested in taking their share to 50%,” Vagit Alekperov, Lukoil CEO, told reporters.

Lukoil has a majority stake in Luksar but industry sources said in April the company was likely to pull out from Saudi Arabia as the economics of its search for gas have been crushed by the collapse in the oil price.

Source: Reuters