Alliance and NOC: The Alliance Group and the Independent Oil and Gas Company (NOC) have formed a new joint venture whose pooled resources will amount to an estimated 500m tons of oil equivalent. The JV’s oil and gas production capacity is expected to rise from its current annual level of 3.5m tons of oil equivalent to 5m tons over the next 3-5 years and to 6m tons once Alliance Oil’s Khabarovsk refinery has been modernised. ZR Press