Monday, June 7, 2010

Russia's Rosneft moving into Iraq?

SHARJAH, United Arab Emirates, (UPI) -- Russian oil giant Rosneft will make its debut in the Middle East when it teams with Emirati energy company Crescent, executives said.
Badr Jafar, the executive director of Crescent, told the Financial Times that both sides would sign a partnership agreement for a gas project in the United Arab Emirates. The director added that both sides were considering opportunities across the Middle East.
"Southern Iraq is an area of considerable interest to both companies, especially once the petroleum law is passed in the country and there is clear legal framework for considerable investments to be made," he said.
Rosneft didn't offer a comment to the Financial Times. Russian oil company Lukoil, for its part, is preparing for major drilling operations in the giant West Qurna-2 oil field in Iraq.
West Qurna-2 holds roughly 13 billion barrels of oil. It is about 40 miles northwest of the port city of Basra near the outlets to the Persian Gulf.
Crescent, meanwhile, has worked in Iraq since the 1990s and has a joint relationship in the Kurdish region of Iraq with Dana Gas.

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