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Russia’s Rosneft closes deal to buy Swiss Weatherford oilfield service assets

August 01, 2014, 10:53 UTC+3 MOSCOW

The US Department of Commerce introduced export licensing for goods intended for some oil projects in the Russian Arctic and offshore projects

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© ITAR-TASS/Alexei Nikolsky

MOSCOW, August 01. /ITAR-TASS/. Russian oil giant Rosneft has closed a deal buying assets of Swiss company Weatherford International in drilling and well repair in Russia and Venezuela, Rosneft said.

Fulfilment of this deal will permit Rosneft to build up its positions on the market of drilling services, current repair and overhaul of wells, expand the range of subcontractors to provide oilfield services that will allow making drilling and hydrocarbon production more efficient and making financial indicators better, the Russian oil major said.

On Tuesday, the US Department of Commerce introduced export licensing for goods intended for some oil projects in the Russian Arctic and offshore projects, a high-ranking official in the US administration said on Tuesday. Restriction would only affect new projects, another source said.

Export licensing means the US will pay closer attention to requests of trade with companies on the black lists, which leads to considerable delays in project realization.

The EU countries also adopted sectoral anti-Russian sanctions on Tuesday that restrict access for Russian state financial institutes to the EU financial markets, impose weapon embargo, ban export of dual-purpose goods that can be used for military aims and limit access to sensitive technologies, especially those in the oil sector, said European Council President Herman Van Rompuy.

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