The project allows for the establishment of an equally-owned joint venture in accordance with the legislation of the Russian Federation.

Gazprom is a current holder of a subsoil use license to explore and produce hydrocarbons in the area of federal significance that includes the Vaneyvisskoye and the Layavozhskoye fields on the territory of Nenets Autonomous District.

PJSC “LUKOIL” and PJSC “Gazprom” have a General Agreement on Strategic Partnership for 2014-2024.

Among other joint projects are: processing of associated petroleum gas from the Northern cluster of fields of LLC “LUKOIL-Komi” (a wholly-owned subsidiary of PJSC “LUKOIL”) at the Sosnogorsk gas processing plant of PJSC “Gazprom”; supplying gas from the PJSC “LUKOIL” fields in the Northern part of the Caspian Sea; and performing geological exploration and development of Tsentralnoye oil and gas condensate field in the Caspian Sea together with Kazakhstan.

Source: Company Press Release.