Spain``s Repsol forms joint venture with Russia``s Alliance Oil to up oil, gas production (EU-Spain-Repsol-Allia)

MADRID, Spain _ Spain?s Repsol YPF energy company says it is forming a joint venture with the Moscow-based Alliance Oil Company Ltd. to seek growth opportunities in Russia.

The Spanish company said in a statemetn Saturday that Alliance Oil will hold 51 per cent in the joint venture and contribute production assets in the Volga-Urals region, while Repsol will own the remaining stake by making a cash investment.

The deal should enable Repsol to increase its production capacity by allowing it "privileged access to assets in the country, home to some of the largest hydrocarbon resources in the world," said Repsol utive chairman, Antonio Brufau.

Repsol?s net income rose 11.2 per cent to euro765 million ($1.1 billion) in the first quarter.

Source: http://www.oilweek.com/news.asp?ID=34123

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