Gazprom Neft , the oil arm of Russian gas export monopoly Gazprom , said on Monday it had raised its stake in a Siberian joint venture with U.S. oil major Chevron to 75 percent from 30 percent.
"In September 2007 Gazprom Neft raised its stake in the 'Northern Taiga NefteGaz' joint venture with Chevron to 75 percent," Gazprom Neft said in a statement.
The joint venture, formed in April last year, plans to produce hydrocarbons in West Siberia in the Yamalo-Nenets region.
In July, Gazprom Neft said its 2007 capital investments will amount to $2.5 billion to stem a decline in oil output.
Despite having an 11.5 percent share of Russia's profitable refining market, Gazprom Neft, previously called Sibneft, has been fighting declining production since it was bought by Gazprom from billionaire Roman Abramovich in 2005.
(Reuters)