U.S. oil major Chevron is in the process of making a “billion-dollar scale investment” into Gazprom Neft, the oil unit of Russian gas giant Gazprom, a U.S. government official said on Wednesday.

“Chevron’s billion-dollar scale investment in Gazprom Neft over the last few months is a positive development,” U.S. Deputy Energy Secretary Clay Sell told a news conference.

In February several international companies, including Chevron, had inquired about participating in any auction or sale of the assets of Yukos, the onetime Russian oil major driven to bankruptcy.

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