Russian Oil Company to Invest $1 Billion in Diamond Mine

Bloomberg reported Russia’s OAO Lukoil (LSE:LKOH) plans to invest $1 billion in a diamond mine challenging OAO Alrosa’s monopoly.

As quoted in the market news:

Lukoil would emulate BHP Billiton Ltd., the world’s largest mining company and one of the few to produce both diamonds and oil. The Moscow-based oil company may mine as much as 4 million carats of rough diamonds a year at the Grib pipe in Russia’s northern Arkhangelsk region, once co-owned by De Beers, supplier of about a third of the world’s rough diamonds, the people said.

Click here to read the full Bloomberg report.