Acting General Director of Rosgeologia OJSC Andrey Tretyakov and President of Geotek Holding CJSC Nikolay Levitsky signed an agreement of intent to establish a joint venture.

In accordance with the agreement, the parties plan to jointly carry out work on geophysical exploration of the subsoil of Russia to implement government procurement objectives, as well as projects implemented within the framework of public-private partnerships. For this purpose, Rosgeofizika LLC will be created by the end of August, the authorized capital of which will be formed through cash contributions from the founders in the ratio of 50% Rosgeologia and 50% GEOTEK. The established enterprise will focus on the implementation of geological exploration work on hydrocarbons - conducting ground geophysical studies, processing and interpretation of geological and geophysical information, as well as the development and implementation of new equipment and technologies in the field of geological exploration.

For Rosgeologia OJSC, a Russian geological exploration holding company with strategic status, it is important to develop new areas of geological and geophysical research as much as possible. According to Andrey Tretyakov: "Cooperation with Geotek Holding will optimize and improve the efficiency of geological exploration work in the country, both field and office. Our joint work will actively contribute to the formation of a modern, high-tech national geological service."

As Nikolay Levitsky noted: "The creation of a joint venture will allow our companies to productively cooperate within the framework of the implementation of a government order, ensuring the highest professional level and logistical support for this work. We expect that the signing of this agreement will become the basis for successful interaction between the companies in the future."