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Rosneft to cooperate with UAE companies, funds in Russian oil projects

February 01, 2014, 3:49 UTC+3 1
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MOSCOW, February1 (Itar-Tass) - Rosneft is ready to develop partnership for oil production and refining in Russia with companies and funds from the United Arab Emirates, says the company’s report on the results of its President Igor Sechin’s meeting with UAE Minister of Energy Suheil Faraju Al Mazrouei.

The sides discussed the projects currently being implemented in the UAE, in particular one in the Sharjah emirate, where Rosneft and Crescent Petroleum are carrying out geological prospecting. The companies' stakes in the project are 49 percent and 51 percent respectively. Should drilling reveal gas and gas condensate in the area, this will be deemed a commercial discovery, and the sides will set up a joint operator for the further development of the field. Also, Sechin and Al Mazrouei discussed cooperation in the supplies of petroleum products.

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