MOSCOW, October 19 (RIA Novosti) - Novatek and France's Total have agreed to implement joint projects in Russia and abroad, Russia's second-largest independent gas producer said in a statement on Friday.
"The protocol contemplates that the companies will form working groups to define Russian and foreign assets for joint participation in natural gas and gas condensate projects," the press release reads.
The document also said that cooperation with Total was supported by Russian energy giant Gazprom, a major Novatek shareholder, and was unanimously approved by the company's board.
In August 2005, Total recalled its application to the Federal Antimonopoly Service (FAS) for the acquisition of a blocking stake in Novatek. The French company said the service had repeatedly delayed considering its offer, worth around $1 billion.
Later in 2005, Novatek earned $966 million, or 19% of its authorized capital, from an IPO.
The company's net profit fell 14.7% to 12.9 billion rubles ($519 million) in 2006, year-on-year, and increased 18.7% in the first half of 2007 to 8.6 billion rubles ($345.8 million), year-on-year.