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New Oil Venture Formed

ST. PETERSBURG — Alliance Oil, a Stockholm-listed refiner and producer, and Spain's Repsol agreed to form a venture to develop resources in Russia.

Alliance will hold 51 percent and Repsol will have 49 percent of the venture, which will include two deposits that are already under production, Antonio Brufau, chief executive of the Spanish energy company, said Saturday at the St. Petersburg International Economic Forum.

(Bloomberg)

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