Lukoil plans to sign an array of agreements with African countries on new projects, including in the refining sector, in Sochi later in the day, Chief Executive Officer of Russia’s oil major Vagit Alekperov told reporters at an economic forum on the sidelines of the Russia-Africa Summit on Wednesday, TASS reports.

"Today an array of agreements on cooperation in exploration of a number of new projects will be signed," he said, adding that the issue is about offshore operations.

"Moreover, several countries have asked us to study and provide commentaries on downstream projects," Alekperov noted, adding that economic interest in those projects should be confirmed. "Downstream issues are challenging, we are cautious about that," he said.

Alekperov said earlier that the company considers West Africa the most promising area for investment from the viewpoint of hydrocarbons exploration and development.

In June, it was reported that Lukoil is eyeing implementation of LNG projects outside Russia and particularly is looking at Cameroon. Investment decision on that project may be taken by the end of this year, according to Alekperov. The company said last year that two prospecting wells had been drilled and completed, producing an oil flow and further delineating the reservoir area at the Etinde project offshore Cameroon.

On October 23-24, the resort city of Sochi is hosting the Russia-Africa Summit, co-chaired by Russian President Vladimir Putin and Egypt’s head of state Abdel Fattah al-Sisi. The leaders of all 54 African countries have been invited to come, and at least 40 of them have confirmed their participation. Eight major African integration associations and organizations are also involved in the event. On the summit’s sidelines, an economic forum is taking place, in which the continent’s heads of state and representatives of the business community and government agencies participate. The Roscongress Foundation is the organizer of the event, and TASS is the official photo host agency of the summit and economic forum.