Today the Gazprom Headquarters has hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Vagit Alekperov, President of Lukoil.

The parties discussed issues related to the joint venture set up between Gazprom Neft and Lukoil.

Reference:

Gazprom Neft is a Gazprom subsidiary.

In May 2007 Gazprom Neft and Lukoil signed a Memorandum of Understanding.

The parties particularly, agreed on joint oil and gas project execution in the Russian Federation in the following sectors:

• subsurface use right acquisition;
• geological survey of the jointly purchased subsurface blocks;
• hydrocarbon exploration and production of the jointly purchased fields;
• field development, gas sector project execution including construction of new or upgrading of the existing gas facilities;
• transportation and marketing of hydrocarbons produced.

Gazprom Neft and Lukoil agreed to set up a joint venture in the form of Limited Liability Company, which will own the licenses for relevant licensed subsurface blocks.

Gazprom and Lukoil will own 51, 49 per cent stakes, respectively in the share capital of the joint venture. The joint venture management will be provided on a par form.