Gazprom Neft, Shell to create JV for development of fields

MOSCOW, Jun 6 (PRIME) -- Russian oil major Gazprom Neft and Royal Dutch Shell have signed an agreement to create a joint venture for the development of fields in the Yamalo-Nenets Autonomous District, Gazprom Neft said in a statement on Thursday.

“Gazprom Neft and Shell signed legal documents on the purchase and sale of a 50% stake in the charter capital of Meretoyakhaneftegaz and creation of a joint venture on its basis. The deal is to be closed at the end of 2019 or early 2020 after getting necessary corporate and regulatory approvals and fulfillment of suspensive conditions,” the statement said.

The management of the joint venture will be carried out on a parity basis.

At present, Meretoyakhaneftegaz has a license for the Meretoyakhinskoye field. By the moment of the deal’s closure, the joint venture’s portfolio will also include licenses for the Tazovsky, Severo-Samburgsky, and two Zapado-Yubileiny blocks in the Yamalo-Nenets Autonomous District.

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