MOSCOW (Reuters) -- LUKOIL, Russia's second-largest oil firm, said on Friday it had completed the $580 million acquisition of SNG Holdings Ltd., a group with the rights to oilfields in Uzbekistan.

LUKOIL said in a statement the acquisition by its wholly owned subsidiary, LUKOIL Overseas, included SoyuzNefteGaz Vostok Ltd., a signatory to a production-sharing agreement on the South-Western Gissar and Ustyurt fields in Uzbekistan.
South-Western Gissar contains five gas condensate fields, one oilfield and one oil and gas condensate field. LUKOIL estimated the cost of implementing the entire project at $700 million. It said $70 million had already been invested.
Gas will be exported from the fields via Russian gas export monopoly Gazprom's transportation systems. Oil will be transported to the Bukhara and Fergana refineries via the Shurtan terminal.
The production-sharing agreement also includes a five-year license to perform geological exploration work on the Ustyurt field.