Via The New York Times, a report that Kuwaiti investment firm Noor Financial Investment Co. will join with the Russian oil and gas giant’s Gazprom Geofizika subsidiary to form one venture in Russia and another in Kuwait.  As the article notes:

“…Both joint ventures will provide oil and gas production, repair and maintenance services.

…Gazprom will own 51 percent of the Russian company, and Noor will hold the rest, the report said.

In Kuwait, Noor will have a 51 percent stake. Gazprom will hold 29 percent and Cyprus-based Cilantro Holding will own the remainder.

Al-Marri’s mention of the Commonwealth of Independent States suggests the deal could extend beyond Russia’s borders and into the former Soviet republics that comprise the group.

Officials at Noor could not be reached for additional comment.

Denis Ignatiyev, a spokesman for Gazprom, refused immediate comment when contacted by The Associated Press.

Noor invests in a range of sectors, mostly in Kuwait but also elsewhere in the Middle East, South Asia and China. The company also provides a variety of financial services and operates a number of investment funds.

Noor lists its shares on the Kuwait Stock Exchange. Kuwait’s National Industries Group Holding owns a controlling stake.

Gazprom, which has spent much of January embroiled in a fierce natural gas dispute with Russia’s neighbor Ukraine, has seen its share price tumble 70 percent over the past year. The decline has turned what was once the world’s third biggest company into the 35th as of the middle of this month.

Gazprom exports a third of its output, but makes far more on sales abroad than at home.”