Crescent, Rosneft join hands for oil projects

20 May 2010

(MENAFN) A statement issued by UAE’s Crescent Petroleum said that it has joined hands with Russia’s oil producer Rosneft to tap oil and gas development opportunities across the MENA region, Reuters reported.

Crescent is a privately-held energy company based in the emirate of Sharjah, in the northern UAE; while, state-run Rosneft pumps over a fifth of Russia’s oil, and is the country’s largest producer.

Crescent Petroleum Executive Director, Badr Jafar, said that both firms have agreed to initially focus on opportunities in natural gas in the Gulf region, saying that they have already identified certain robust opportunities. Jafar expected the firms to announce their first joint project in the GCC region within the coming weeks.

He said that this partnership aims to capitalize on Rosneft’s technical expertise and financial strength and Crescent’s international operating expertise and knowledge of the MENA region. He added that this agreement creates the framework for the joint pursuit of specific oil and gas exploration and development opportunities in the Mena region.

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