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Gazprom Neft raises Siberia stake



By Upstream staff 

Gazprom Neft , the oil arm of Russian gas export monopoly Gazprom, has increased its stake in a Siberian joint venture with Chevron to 75% from 30%.

"In September 2007 Gazprom Neft raised its stake in the 'Northern Taiga NefteGaz' joint venture with Chevron to 75%," the company said in a statement.

The joint venture, formed in April last year, plans to produce hydrocarbons in West Siberia in the Yamalo-Nenets region.

In July, Gazprom Neft said its 2007 capital investments would amount to $2.5 billion to stem a decline in oil output.

Despite having an 11.5% share of Russia's profitable refining market, the company, previously called Sibneft, has been fighting declining production since it was bought by Gazprom from billionaire Roman Abramovich in 2005, Reuters reported.


Monday, 15 October, 2007, 07:37 GMT  | last updated: Monday, 15 October, 2007, 07:37 GMT

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