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LUKoil signed a framework agreement with Slovenia's Petrol on establishing a joint venture to sell oil products in the Balkans
LUKoil [RTS: LKOH] signed a framework agreement with Slovenia's Petrol on establishing a joint venture to sell oil products in the Balkans, the press office of Russia's No. 1 crude producer said Monday. The joint venture will be managed on a parity basis, with Petrol holding 51% and LUKoil 49% of shares in the new undertaking. "The terms of a joint venture are mutually advantageous," LUKoil President Vagit Alekperov said in a release. "We are interested in expanding our presence in the markets of the Balkan countries, which provide the best opportunities for achieving synergy with LUKoil's assets in eastern Europe." The framework agreement was approved by the boards of LUKoil and Petrol. The companies intend to set up the JV by the end of 2006.
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