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Wintershall to spend biggest part of its investments on projects in Norway and Russia

June 01, 2017, 20:28 UTC+3

Mehren noted that his company has good work experience with Russian oil companies

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ST. PETERSBURG, June 1. /TASS/. German oil and gas company Wintershall will spend the biggest part of its investments totaling 4.4 bln planned for 2017-2020 to the projects in Norway and Russia, head of the company Mario Mehren said in an interview with TASS.

"Norway usually accounts for the biggest share of the investments we are doing because these are offshore projects, which are more expensive. Number two is Russia. Significant part of money is going in Russia in the development of the Achimov 4 and 5 formations," Mehren said without specifying the figures.

Other projects 

Wintershall does not rule out cooperation with Russian companies on its projects in Iran, Mehren has noted.

"It is an option for the future," he said when asked if the company is considering a possibility of creating joint ventures with Russian oil companies to develop Iranian projects.

Mehren noted that his company has good experience of working with Russian oil companies Gazprom and Lukoil.

Mehren also said that now it is too early to talk about establishing such partnerships.

"Once we have more clarity of that picture we will start thinking about additional international partners," he said.

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