Repsol, Alliance complete first phase of Russia venture

摘要

Moscow—Spain’s Repsol and Stockholmlisted Alliance Oil said August 17 they have completed the first phase of forming an $840 million joint venture to develop oil and gas in Russia, and expect to finalize further stages by the end of the year. In accordance with an agreement signed in December 2011, Alliance Oil has now contributed its Saneco subsidiary, which owns upstream assets in the Volga-Urals region, to the venture, the two companies said in a joint statement.