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FINANCIAL NEWS
Rosneft to develop five oil fields in Iraq’s Kurdistan
03 Jun 2017
(MENAFN) Russian Rosneft agreed to explore and develop five fields in Iraq’s Kurdistan as part of the company’s plans to become a key player in one of the world’s newest and fastest-growing oil provinces.
Rosneft had become during 2017 the first oil major to pre-finance Kurdish crude exports, after it was dominated by trading houses.
However, Rosneft chief executive confirmed said the company was widening cooperation with Kurdistan following the first direct purchases of Kurdish oil for Rosneft’s German refineries earlier this year.
And he said: “The agreements … set an example of well-weighed investments in one of the key Middle East regions, which will make it possible for the company to expand its exploration and production geography.”
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