ST.PETERSBURG, June 6. (TASS ) - Gazprom Neft and Shell signed an agreement at the St. Petersburg International Economic Forum to create a joint venture on parity basis for the development of the licensed areas in the Yamalo-Nenets Autonomous District, the Russian company said in a statement on Thursday.

Gazprom Neft and Shell signed legal documentation on the purchase and sale of a 50% stake in Meretoyahaneftegaz and the creation of a joint venture on its basis, the statement said.

The companies plan to close the deal in the late 2019 — early 2020 after obtaining the necessary corporate and regulatory approvals. The company will be managed by partners on a parity basis.