28.12.2007
Re Joint Venture
ɫ AND GAZPROM NEFT ESTABLISH A JOINT VENTURE
OAO ɫ and OAO GAZPROM NEFT have established a joint venture, OOO Oil and Gas Company “Regional Development”.
The relevant documents were signed by Vagit Alekperov, President of OAO ɫ, and Alexander Dyukov, President of OAO GAZPROM NEFT.
OAO ɫ owns a 49 percent stake in the authorized capital of the joint venture, OAO GAZPROM NEFT has a 51 percent stake. The authorized capital of the enterprise will be comprised of monetary contributions. The joint venture will be managed on a parity basis.
The joint venture will focus on acquiring rights for subsurface use, geological survey of subsurface areas, exploration and production of hydrocarbons, field development, implementation of infrastructure-related projects, transportation and marketing of produced hydrocarbon materials.