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Vagit Alekperov, Lukoil's billionaire chief executive officer, and OAO Gazprom Neft CEO Alexander Dyukov signed an accord in Moscow today that calls for the venture to be up and running within 90 days. Gazprom will own 51 percent of the venture; operational control will be split evenly.
President Vladimir Putin's government has built up Russia's state oil and gas companies to dominate the national energy industry, using assets from bankrupt OAO Yukos Oil Co. and stakes in projects such as Royal Dutch Shell Plc's Sakhalin-2 venture.
``It looks like Lukoil is trying to gain additional political support,'' Dmitry Loukashov, an oil and gas analyst at Alfa Bank in Moscow, said today. ``Gazprom Neft may benefit from how projects are financed.''
Gazprom Neft, formerly OAO Sibneft, is Russia's fifth- biggest oil company. Gazprom acquired Sibneft from billionaire Roman Abramovich and his partners for $13.1 billion in 2005, after Sibneft unwound a merger with Yukos.
Sibneft shares rose 3.6 percent to 98.51 rubles today, the biggest gain since Jan. 15. Lukoil shares slid 0.4 percent to 1,942.01 rubles.
Partnership
Lukoil, the country's biggest oil producer after state-run OAO Rosneft, and Gazprom Neft will jointly acquire licenses to explore and develop new deposits, build pipelines and market fuel, according to today's agreement. They may also work together on refining, Alekperov said.
The venture will focus on Russian projects ``in regions of general interest, where it's more effective to work together,'' Alekperov said.
The companies will focus on the northern Timan-Pechora region and the Caspian, areas that Lukoil has said are key to boosting output, as well as eastern Siberia, where Gazprom and Rosneft already agreed to cooperate. Gazprom Neft and Lukoil are also discussing overseas projects, Lukoil Deputy CEO Ravil Maganov said today after the signing.
