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News // Russia

LUKoil, Gazprom to Develop New Deposits Jointly

04 October 2007 , 12:43707
Russia's largest independent crude producer LUKoil and Gazprom Neft said they may establish a joint venture within the next two months, the LUKoil CEO said Wednesday.

LUKoil and Gazprom Neft signed an agreement in May to develop new deposits in East Siberia and the Timano-Pechora oil bearing province in north European Russia.

LUKoil is to have a 49% and Gazprom Neft a 51% stake in the JV, which will be managed on a parity basis.

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