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13

Gazprom Oil Unit Raised Stake in Chevron JV

Russian gas monopoly Gazprom's oil producing unit Gazprom Neft said on Monday

Russian gas monopoly Gazprom's oil producing unit Gazprom Neft said on Monday it had raised its stake in a joint venture with U.S. oil major Chevron to 75 percent from 30 percent.

The joint venture, formed in April last year, plans to produce hydrocarbons in West Siberia in the Yamalo-Nenets region.

In July, Gazprom Neft said its 2007 capital investments will amount to $2.5 billion to stem a decline in oil output.