OREANDA-NEWS. In Saint-Petersburg Vagit Alekperov, OAO LUKOIL President, and Yury Neyolov, Governor of Yamal-Nenets Autonomous District (YNAD), signed a cooperation agreement between the Administration of the District and the Company.

Among other things, the agreement stipulates creating favorable environment for geological survey, stepping up investments into exploration and prospecting of oil and  gas fields, increasing crude hydrocarbon output, associated gas recycling capacities, as well as introducing cutting-edge technologies for oil and gas exploration, production, treatment and refining.

The parties have also agreed to cooperate on implementing YNAD programs on environmental protection and stewardship of natural resources.

The Agreement suggests that in 2007 OOO LUKOIL-West Siberia will spend RUR 32 million on social projects.

The Agreement comes into force the date it is signed and remains effective until December 31, 2011.