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Gazprom, SUEK call off joint venture

Russia's gas export monopoly Gazprom has called off its long anticipated joint venture to pool power and coal assets with energy major SUEK, a source said.

"The reason the deal is off is that the two sides could not reach an agreement, could not sign a shareholders agreement," the source said.

Interfax news agency reported that an official announcement about the cancelled venture would be released on Monday, citing Gazprom spokesman Sergei Kupriyanov. (Reuters)