GROUND-BREAKING RUSSIAN ALLIANCE BETWEEN LUKOIL AND GAZPROM.

Europe Energy, November, 1998

Russia's two energy giants, Lukoil and Gazprom, concluded an unprecedented strategic cooperation Agreement on November 24, launching the world's leading gas producer onto the oil market. The Agreement was signed in Moscow by Gazprom Chairman Rem Viakhirev and Vaguit Alekperov of Lukoil, Russia's leading oil company. A statement issued by the two companies claims the pact will lead to economic integration in exploration, in the extraction, transport and processing of oil and gas, and in the sale of petroleum products, electricity and heating. In short, the partners will aim to develop mutually lucrative projects, notably in Northern Russia where Gazprom has extensive deposits. The area is at present greatly under-equipped and isolated, but is thought to have considerable...

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