RIA Novosti cited Mr Vladimir Putin Prime Minister of Russia as saying that Russia largest private oil company LUKoil will invest over RUB 500 billion in the development of oil deposits in the northern part of the Caspian Sea.

Mr Putin said "LUKoil continues implementing a large-scale program of the comprehensive development of the Northern Caspian Sea deposits. LUKoil will spend a very large sum and investment, considering expenditures on the coastal infrastructure will exceed RUB 500 billion."

He said that the implementation of the project to develop North Caspian Sea deposits will strengthen Russia's energy potential, create new jobs and boost production in the shipbuilding industry.

Earlier on Wednesday the company signed three agreements with contractors to build infrastructure at the Filanovsky oil and gas field in the Northern Caspian Sea. LUKoil expects production at the field, scheduled to be launched in 2015 to amount to 6 million tons of oil and 800 million cubic meters of natural gas per year.

(Sourced from RIA Novosti)