09-07-03 LUKoil and Gazprom, two of Russia's largest energy concerns, announced the creation of a joint venture to tap reserves in the Caspian Sea.
The new company, TsentrCaspneftegaz, will be the Russian operator of the Tsentralny hydrocarbon structure, a potential energy reserve situated in the Russian sector of the Caspian Sea.

According to LUKoil research, recoverable reserves there amount to 521 mm tons (574 US tons). The Caspian is believed to contain the world's third-largest energy reserves. Russia shares the sea with Kazakhstan, Iran, Turkmenistan and Azerbaijan, although they have failed to reach an overall agreement on dividing the Caspian since the Soviet collapse.
LUKoil and Gazprom, each with a 50 % share in the new company, will operate the project with the Kazakh state oil and gas company KazMunayGaz.