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. Last Updated: 07/27/2016

Gazprom Neft Hikes Stake in Venture

Gazprom Neft, the oil arm of Gazprom, said Monday that it had raised its stake in a Siberian joint venture with U.S. oil major Chevron to 75 percent from 30 percent.

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

The joint venture, formed in April last year, plans to produce hydrocarbons in west Siberia in the Yamal-Nenets autonomous district.

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 percent share of the country's profitable refining market, Gazprom Neft, previously called Sibneft, has been fighting declining production since it was bought by Gazprom from Roman Abramovich in 2005.