LUKoil and Gazprom Neft plan to set up a joint venture for new and existing projects, and to acquire assets in and outside Russia, LUKoil said Thursday according to RIA Novosti.
"It will unite our resources for joint projects in currently operating oil fields and in obtaining licenses for new ones," Ravil Maganov of the LUKoil management board said.
Maganov said the companies were still in talks and declined to specify the size of the respective shares in the joint venture project.
LUKoil President Vagit Alekperov told the Vesti 24 television channel that his company, No. 1 crude producer in Russia, and Gazprom Neft would set up the joint venture to buy assets in Russia and overseas.
Gazprom took over Gazprom Neft, formerly Sibneft, last September from the bankrupt Yukos Oil Company.