Gazprom Neft and LUKOIL set up a joint venture

JSC Gazprom Neft and OJSC LUKOIL set up a joint venture "Neftegazovaya Kompaniya "Razvitiye regionov" LLC (Oil and Gas Company Regional Development). The respective documents were signed by Alexander Dyukov, President of JSC Gazprom Neft, and Vagit Alekperov, President of OJSC LUKOIL.

The share of JSC Gazprom Neft in the charter capital of the Joint Venture is 51 %, and the share of OJSC LUKOIL is 49 %. The charter capital of JV will be formed by monetary assets. JV is managed on a parity basis.

JV will be engaged in implementation of various oil and gas projects.

In particular, the scope of business activity of J V will include acquisition of rights of subsoil use, prospecting and exploration of areas of fields, prospecting and exploration of hydrocarbons, field facilities construction, implementation of infrastructure projects as well as transportation and marketing of extracted hydrocarbon raw materials.

Alexander Dyukov, President of JSC Gazprom Neft said: "Joint business activity of Gazprom Neft and LUKOIL within the Joint Venture will contribute to enlargement of the sphere of presence of the companies and to increase in efficiency of development of new fields."

"Joint Venture of LUKOIL and Gazprom Neft is an efficient instrument of mutually beneficial cooperation of large Russian oil companies having high-capacity production and financial potential to implement major projects," said Vagit Alekperov, President of OJSC LUKOIL.