Chevron Pulls Out of JV with Gazprom Neft

February 16, 2009

(RBC News ) - The American energy company Chevron has pulled out from a joint venture with Gazprom Neft Northern Taiga Neftegaz, which was formed for the exploration and development of hydrocarbon deposits in Russia. According to Gazprom Neft's statement for the fourth quarter of 2008, the Russian company, which originally owned a 75-stake in the joint venture, has hiked its stake up to full ownership (100 percent of shares).

      Gazprom Neft's press office confirmed to RBC the purchase of Chevron's 25-percent stake, adding that the company did not have any plans for further cooperation. However, the Russian oil company is interested in developing partnerships with different companies, including Chevron.

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