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Lukoil buys New Age’s Marine XII stake

Russia’s Lukoil has bought New Age (African Global Energy)’s 25% stake in Eni’s Marine XII licence for $800m. New Age and Lukoil are partners in Cameroon, while Lukoil is also a partner with Eni in Kazakhstan, Mexico and elsewhere. The announcement follows a visit to Moscow in May by President Denis Sassou Nguesso, where he held talks with President Vladimir Putin. New Age had sought to offload the stake to a larger company more able to cover the cost of the planned development.

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