By the OGJ Online Staff
HOUSTON, Aug. 23 -- Russian oil company Yukos Oil Co. and Marathon Oil Co., part of the USX-Marathon Group, Pittsburgh, plan to form a strategic alliance to evaluate joint energy investments worldwide.
As part of the alliance, a joint business development group will be formed and headquartered in London.
Clarence Cazalot, president of Marathon Oil Co., said "An integral part of our strategy is to develop profitable new core areas in participation with important national oil companies and growth-oriented international players. This proposed alliance with YUKOS is evidence of that strategy as it brings together two companies with complementary technical skills and international relationships. Furthermore, we anticipate that this relationship could lead to investment by Marathon in energy opportunities in Russia."
YUKOS' CEO Mikhail Khodorkovsky said the planned alliance will allow expansion of the company's international business. Yukos' close relationship with Marathon will be an important factor, said Khodorkovsky.