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. Last Updated: 07/27/2016

Statoil Denies Deal on Shtokman

CALGARY, Alberta -- Norway's Statoil is still in discussions with Gazprom over a potential stake in the massive Shtokman gas field but has yet to agree on a share in the development, Statoil's chief executive, Helge Lund, said Thursday.

Lund told reporters at a news conference in Calgary, Canada, that Statoil had been in talks with Gazprom for several years on taking an equity stake in the project but the two companies had yet to reach terms.

Lund declined to comment on a Vedomosti report that the company had agreed to take a 10 percent stake in the field.

"We are in a dialogue, but we have not made any decisions," Lund said. "It's too early to say whether we can conclude a deal that is acceptable both for Gazprom and for Statoil."