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Lukoil, Russia’s second largest crude oil producer, has agreed to acquire small producer Samara-Nafta for £1.35billion from US firm Hess as part of a long-term strategy to stabilise falling oil output.
Samara-Nafta produces about 50,000 barrels per day and is led by Simon Kukes, former chief executive of the now-defunct Yukos oil company and of TNK, which was folded into TNK-BP assets in 2003.