By OGJ editors
HOUSTON, Nov. 20 -- OAO Lukoil Holdings ceded control of a joint venture for new projects to state-controlled OAO Gazprom's oil subsidiary, Gazprom Neft.
"Gazprom is our big brother; the big brother must have 51%," Lukoil Chief Executive Vagit Alekperov told reporters during a Nov. 17 news conference in Moscow.
The joint venture involves participation in new projects in Russia and abroad, Alekperov said. He emphasized that Lukoil would not lose control of its existing upstream assets.
The joint venture between Lukoil and Gazprom Neft is expected to focus on Siberia and northern Russia, including the arctic region of Timan-Pechora.
