A joint venture is a partial business combination. Two or more entities form a new corporation or partnership in order to jointly pursue a business venture. This provides an opportunity to combine resources in optimal proportions rather than in the fixed portfolio proportions dictated by a merger or a tender offer. The participants are partners rather than acquirer and target, and thus the formation of a joint venture does not cast one party as the aggressor, as in a merger or acquisition. Common reasons for joint venture formation include facilitating technological transfer and developing market structures. International diversification also can give rise to joint ventures because some countries require local investment from any firm operating within their borders; others exempt firms with local participation from government regulations. Joint ventures also can be used for undertaking certain massive projects. The development of Prudhoe Bay, Alaska, is one such example of a project joint venture.