The signatories to the document being Vadim Yakovlev, First Deputy CEO, Gazprom Neft, and Igor Bulantsev, Senior Vice President, Sberbank CIB.

The document outlines both parties’ intentions to cooperate in establishing a joint enterprise to ensure the availability of modern drilling equipment and services on the Russian market, as well as in real estate projects allowing the monetization of new areas of activity for Gazprom Neft.

The parties have agreed to confirm all necessary terms of cooperation by the end of 2018.

Vadim Yakovlev, First Deputy CEO, Gazprom Neft, commented: “The signing of this Memorandum opens up a new page in the strategic cooperation between Gazprom Neft and Sberbank Russia. Our cooperation will ensure our production assets and joint ventures are provided with high-technology drilling equipment, improving efficiency as well as having a positive impact on the oil services market, for the entire industry.”

Source: Company Press Release