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. Last Updated: 07/27/2016

Gas Joint Venture

MOSCOW -- Russian gas giant Gazprom approved a project to set up a joint venture with Zarubezhneft that will be empowered to implement the two companies' oil and gas projects abroad, Interfax said Thursday.

Gazprom will hold 75.1 percent of the shares in the joint venture -- to be called Zarubezhneftegaz -- and Zarubezhneft 24.9 percent, Zarubezhneft General Director Oleg Popov said.

He added that there are plans to name a Gazprom board member to the head of the venture's board of directors.