Russia's Gazprom Neft and Shell Launch JV for Hydrocarbon Development

Russian oil producer Gazprom Neft (SIBN.MM) on Tuesday said it had signed an agreement with Shell (RDSa.L) to establish a joint venture to develop a large-scale hydrocarbon cluster on the Gydan peninsula in Siberia.

The deal is scheduled to close in 2020, Gazprom Neft said, after which both partners will have a 50% share in the venture.