ALRUD experts advised Gazpromneft on the establishment of a joint venture with NOVATEK for the development of the Severo-Vrangelevskiy licensed area of the Russian Arctic shelf. The relevant agreement was signed on the St. Petersburg International Economic Forum, which took place in June 2021.
Gazpromneft and NOVATEK expressed their willingness to cooperate in the implementation of Arctic projects and agreed on the creation of a joint venture, capable of performing the whole range of works on the oil-and-gas fields upstream. According to the transaction terms and conditions, Gazpromneft’s share amounts to 51%, and that of NOVATEK - 49%.
Gazpromneft’s Chairman of the Management Board, Alexander Dyukov notes: “Russian Shelf holds enormous, yet poorly-assessed resource potential. We see great potential of the North-Vrangelevskiy licensed area, which is part of our agreement with NOVATEK, and we consider this transaction to be a good example of strategic cooperation between Russian companies, aimed at strengthening Russia’s leadership in Arctic.”
ALRUD law firm’s tasks included full legal services for the transaction. All transaction documents were governed by Russian law and, at the same time, included the whole range of complicated commercial agreements of the parties, including, joint venture financing and the participants’ corporate relations. ALRUD Competition/Antitrust Practice was engaged for the analysis of the need to approve the transaction as a joint operating agreement.
ALRUD team, working on the project under the leadership and supervision of Andrey Zharskiy (Partner and Head of the Energy, Natural Resources and Infrastructure Industry Group), consisted of Senior Associate Sergey Khanaev, Senior Associate Timur Akhundov, Associate Roman Vedernikov, Senior Attorney Anna Grosheva, Junior Attorney Alexander Morgunov, and Junior Attorney Natella Kortiashvili.