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. Last Updated: 07/27/2016

Gazprom Gets Chevron Cash

U.S. oil major Chevron is investing around $1 billion in Gazprom Neft, the oil unit of gas giant Gazprom, U.S. Deputy Energy Secretary Clay Sell said Wednesday.

"Chevron's billion-dollar scale investment in Gazprom Neft over the last few months is a positive development," Sell said.

He did not elaborate.

Earlier this year, Chevron and Gazprom Neft formed the Northern Taiga NefteGaz joint venture to explore for oil in Noyabrsk in the oil-rich Yamal-Nenets region.

Gazprom has said Chevron, as a 70 percent stakeholder, would make the most of investment at earlier stages.

Apart from the exploration venture, Chevron has been repeatedly named as one of Gazprom's possible partners at upcoming assets auctions of Yukos.

Chevron has never confirmed the reports but said it would look at long-term investment opportunities in Russia. The firm's Moscow's press office declined to make immediate comments Wednesday.

"We may well have concerns on how these assets may be sold off, but I'm not aware of any U.S. company being interested in these assets," Sell said.

Chevron was also among five foreign companies rejected by Gazprom last year as possible partners in developing the huge Shtokman gas field in the Arctic Barents Sea.