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17 Nov, 2006 04:16

Oil titans team up

Oil titans team up

Russian oil company Lukoil and gas monopoly Gazprom's oil arm Gazpromneft have announced plans to set up a joint venture to buy various energy assets in Russia and abroad.

A deal is expected soon. Gazprom bought Gazpromneft – formerly known as Sibneft – from billionaire Roman Abramovich last year.