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. Last Updated: 07/27/2016

Gazprom Boosts Stake in Oil Venture

Gazprom Neft, the oil arm of Gazprom, will raise its stake in a joint venture with U.S. oil major Chevron to 75 percent later this year, Interfax reported Friday.

"In the next two to three months Gazprom Neft will gain 75 percent of the joint venture with Chevron. It is also planned that property and licenses will be transferred to this venture in the near future," Interfax quoted Gazprom Neft president Alexander Dyukov as saying.

Gazprom Neft now has only 30 percent of the Northern Taiga NefteGaz venture, set up at the start of this year with the aim of producing hydrocarbons in western Siberia.

Gazprom Neft already said it had agreed with Chevron that it would raise its stake to over 50 percent, but at the outset Chevron had contributed more to the venture so it had a bigger share.