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Gazprom, Lukoil strike 10-year strategic pact

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  • Gazprom, Lukoil strike 10-year strategic pact

    Pravda.RU

    Gazprom, Lukoil strike 10-year strategic pact

    17:08 2005-03-29
    Russia's top two energy companies, the Gazprom natural gas giant and the
    country's No. 1 oil company Lukoil, signed an agreement Tuesday for a
    strategic partnership over the next decade.

    Gazprom chairman Alexei Miller and Lukoil president Vagit Alekperov agreed
    that the two companies will implement oil and gas exploration and
    development projects in Russia's main gas production region, Yamalo-Nenets
    in Western Siberia, the Russian sector of the oil-rich Caspian Sea,
    Uzbekistan and other regions.

    Miller said the 2005-2014 agreement is "a striking example of a long-term
    mutually beneficial interaction between Gazprom and independent gas
    producers."

    "Joint use of the capacities and know-how of Gazprom and Lukoil, and of
    their labor and financial resources, will support growth of the Russian
    economy and help to strengthen the economic position of each company,"
    Alekperov said.

    So far the cooperation between Lukoil and Gazprom was based on a three-year
    strategic partnership signed in November 2002.

    In 2003, Gazprom and Lukoil signed a deal to develop a project in the
    Caspian Sea together with the Kazakh national oil company KazMunaiGaz. The
    same year, the two Russian companies signed a gas supply deal in
    Yamalo-Nenets beginning in 2005.

    Separately, Alekperov said Lukoil was in talks on the purchase of embattled
    oil company Yukos' controlling stake in Lithuania's sole refinery Mazeikiu
    Nafta, the ITAR-Tass news agency reported.

    Yukos holds a 53.7 percent stake in Mazeikiu, while the Lithuanian
    government holds a 40.6 percent stake.

    Mazeikiu Nafta, which includes a pipeline and offshore oil terminal,
    accounts for around 10 percent of Lithuania's annual gross domestic product.

    Yukos, once Russia's largest oil producer, was slapped with US$28 billion
    (T21.5 billion) in tax claims, stripped of its main production unit and is
    now on the verge of bankruptcy in what observers see as a politically
    motivated attack on its detained founder Mikhail Khodorkovsky.

    Assossiated Press
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