Gazprom Neft, Total Form Bitumen JV In Russia

Law360, New York (July 25, 2013, 4:14 PM EDT) -- The oil branch of Russia's state-owned Gazprom OAO is uniting with French energy giant Total SA to produce and sell bitumen and bitumen emulsions in the Russian marketplace through an evenly split joint venture, Gazprom said Thursday.

Under their agreement, Gazprom Neft and Total will operate a new company that churns out modified bitumens, used in construction, specifically in asphalt road surfacing. The companies did not say how much money they would each pour into the new business, only that they would split its ownership 50-50....
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