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Lukoil has announced an agreement with New Age M12 Holdings Limited. The company has acquired 25% interest in the Marine XII license in the Republic of Congo. President of PJSC Lukoil said, "Entering this project is in line with our M&A strategy. The project is characterized by explored reserves, substantial production growth potential, access to well-developed infrastructure and it also fits our technological expertise". This agreement is worth $800 million.