Energy Ministry sees no risks in increasing number of foreign companies on Russian drilling market
MOSCOW. March 11 (Interfax) - The Russian Energy Ministry does not see any large risks in increasing the proportion of foreign companies on Russia's drilling services market, Energy Minister Alexander Novak told reporters.
This includes Schlumberger's purchase of Eurasia Drilling.
"Competition is needed," he said.
Novak added that it is not worth worrying that foreign companies might leave the Russian market if the EU and U.S. impose a full ban on foreign oil services companies. "There won't be any western companies - there will be our own. A niche will arise. Our companies might initially be of a lower quality at first, but they will develop," he said.
Novak noted that it was necessary to keep a balance between Russian and foreign companies on the oil services market.
"We have to be able to raise competition on the market," he said.
