Lukoil and Gazprom sign strategic pact

Lukoil and Gazprom have signed a general strategic partnership agreement. The agreement provides for mutually beneficial development of co-operation in the area of exploration, production, transportation and refining of oil and gas, distribution of oil and gas and oil and gas products, chemicals and petrochemicals, generation and distribution of electrical and thermal energy, manufacturing of oil and gas and energy equipment, other engineering products, development of production facilities and infrastructure in the above kinds of activity as well as scientific and technical, information, environmental, social and personnel development. The companies agreed to jointly carry out projects related to exploration and development of oil and gas fields within Yamal-Nenets and Nenets Autonomous Territories and the Russian sector of the Caspian Sea. The arrangements provide for joint participation in tenders and auctions to obtain licences to develop subsoil in these regions. It is also planned to develop co-operation in the area of transportation of oil and gas condensate from the northern regions of Nenets Autonomous and Yamal-Nenets Territories. The two companies plan to enhance their co-operation in the area of LPG, associated gas and natural gas as an alternative fuel and for the purpose of production of modern polymers. The parties expressed their intention to promote their partnership in hydrocarbon exploration and production outside the Russian Federation. The agreement also includes the companies’ intentions to co-ordinate their foreign economic activities, scientific research programs in the area of oil and gas production, environmental projects and other types of activities.

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