Today, on November 17, 1997 major energy companies LUKOIL, Gazprom and Royal Dutch/Shell signed a tripartite Memorandum of Understanding.
In this memorandum the Parties have agreed that they will assess joint bidding for NK Rosneft privatization tenders, in accordance with the Russian laws on equal basis. It is expected that the sale of shares will be announced before the end of this year and completed by mid 1998.
The parties will shortly start joint evaluation of Rosneft assets and preparation of the Company’s development plan. LUKOIL, Gazprom and Royal Dutch/Shell are confident that their participation as Rosneft strategic shareholders will help implement the Company’s future oil and gas projects and strengthen its position on the energy market.
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