Gazprom Neft is expected to hold about 51 percent interest and Lukoil is expected to hold about 49 percent of shares.
The joint venture has been established to implement oil and gas projects, like the acquisition of rights related to subsurface resources, geological survey of new oil and gas fields, exploration, production, and transportation of hydrocarbons, and implementation of infrastructure projects.
"The joint venture of Lukoil and Gazprom Neft is an efficient tool of mutually beneficial cooperation between Russia's major oil companies, which possess a great production and financial potential required for implementing major projects," Alekperov said.
Dyukov added, "Cooperation between Gazprom Neft and Lukoil within the JV framework is going to expand the areas of both companies' presence and enhance the efficiency of new field development."
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