Lukoil agrees Meretoyakhaneftegaz joint venture with Gazprom Neft
By Josh White
Date: Wednesday 29 Dec 2021
(Sharecast News) - Lukoil announced on Wednesday that it had concluded a sale and purchase agreement with Gazprom Neft for a 50% equity share of Gazprom Neft's wholly-owned subsidiary Meretoyakhaneftegaz.
The FTSE IOB-traded company said the contract was signed to create a joint venture, which would develop a large oil and gas cluster in the Nadym-Pur-Tazovsky area of the Yamal-Nenets Autonomous District.
It said the transaction was worth RUB 52bn (£520m), including a cession of claim of Gazprom Neft's loans worth RUB 35bn.
The companies also agreed a programme of additional exploration on blocks owned by Meretoyakhaneftegaz, with Lukoil set to finance RUB 8.9bn of expenditure.
"The transaction is planned to be completed in 2022 after fulfilment of a number of conditions precedent, including all necessary corporate approvals, as well as the consent of the Federal Antimonopoly Service," the Lukoil board said in its statement.
At 1336 GMT, shares in Lukoil were down 1.49% in London, at $87.62.
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