Gazprom Neft and Chevron Neftegaz Form JV

In April 2006 Gazprom Neft and Chevron Neftegaz signed a Memorandum of Understanding that paved the way for formation of a joint venture Northern Taiga Neftegas Ltd. in November 2006 for the purpose of combining efforts to undertake oil field developments.

Under the MOU Gazprom Neft will control more than 50% of Northern Taiga Neftegas Ltd. Given that Chevron will initially provide most financing for the projects, Gazprom Neft currently holds a 30% equity interest in the joint venture.

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