19 May 2010 15:42

Rosneft, Crescent Petroleum ink strategic cooperation agreement

MOSCOW. May 19 (Interfax) - Russian oil company Rosneft and Crescent Petroleum of the United Arab Emirates have signed a strategic oil partnership agreement at the Rosneft central offices.

This agreement lays the foundation for the joint realization of exploration and development projects at oil and gas deposits in the Middle East and Northern Africa, Rosneft said in a statement.

"Access to material and high quality new upstream projects will be facilitated by combining Rosneft's Russian petroleum industry experience, financial strength and technical capabilities alongside Crescent Petroleum's extensive international operating experience and unique access within the Middle East and North Africa region. This Cooperation Agreement creates a strong energy partnership between Russia and the Middle East, the world's two largest oil and gas producing regions," Rosneft said.

"Rosneft will now create a foothold in one of the world's most prolific hydrocarbon producing territories." Rosneft President Sergei Bogdanchikov said.

"Crescent Petroleum and Rosneft have identified the need for significant investment in specific oil and gas projects to ensure that MENA continues to maintain its pre-eminent position as a major energy supplier to the world. This relationship promises to lay the groundwork for a greater level of cooperation in the MENA region's energy sector and the combined focus areas of both companies will also allow for a wider range of long term projects," the statement says.

Crescent Petroleum is the oldest private oil and gas company in the Middle East. For more than forty years the company has worked as an international operator in Egypt, Pakistan, Yemen, Canada, Yugoslavia, Tunis, Argentina, Iraq, and the UAE. The company is headquartered in the emirate of Sharjah and is the major shareholder in Dana Gas, the Middle East's first and largest regional privately held gas company.