Gazprom Neft and LUKOIL signed the Memorandum of understanding

Today in the Gazprom Neft’s central office JSC Gazprom Neft’s president Alexander Dukov and JSC LUKOIL’s president Vagit Alekperov signed the Memorandum of understanding between two companies.

Companies have made arrangements particularly about an oil and gas projects implementation in the Russian Federation which will be carried out in following areas of activities:

  • acquisition of the right to use the subsoil;
  • exploration of jointly acquired subsoil plots;
  • exploration and production of jointly acquired fields;
  • fields construction, infrastructural projects implementation, including construction of new or/ and renovation of existent infrastructural assets;
  • transportation and implementation of produced hydrocarbon materials.

With this aim JSC Gazprom Neft and JSC LUKOIL will create a joint venture company in the form of a limited responsibility society which will be an owner of licenses on subsoil license areas.

Partners will own following shares in the joint venture’s nominal capital: JSC Gazprom Neft -51%, JSC LUKOIL -49%. Joint venture’s management will be implemented on principles of parity.

Reference

JSC Gazprom Neft is a subsidiary enterprise of JSC Gazprom.

Partnership between JSC Gazprom Neft and JSC LUKOIL is based on the General strategic partnership agreement 2005-2014 signed in March 2005.

In June 2003 JSC Gazprom Neft and JSC LUKOIL established a joint venture company TsentrKaspneftegaz for the “Tsentralnaya” structure exploration in Caspian Sea jointly with the Kazakh company KazMunaiGaz.

In October 2003 JSC Gazprom and JSC LUKOIL signed an agreement according to which LUKOIL delivers gas from the Nakhodkin gas field of the Bolshekhetsk cave in the Yamalo-Nenets Autonomous District.

In 2005 JSC SIBUR Holding (joins the Gazprom Group) and CJSC LUKOIL-Neftekhim (a JSC LUKOIL’s subsidiary) created on a parity basis a joint venture “Otechestvennie polimeri” (the Domestic polymers) which holds JSC Polief’s controlling block of shares and carries out a big oil and gas project in the Republic of Bashkortostan.