The Crescent Group, parent company to Crescent Petroleum, the Middle East’s oldest private oil and gas company, and Crescent Enterprises, the Group’s non-energy conglomerate which also controls the world’s largest privately owned ports operator Gulftainer, today announced plans to accelerate its expansion in joint cooperation with Russian entities.
The Group expects to conclude two major Russian investments in 2013, both of which are in the ports and logistics industry sector.
Through its subsidiaries, the Crescent Group has established strong Russian links over the past five years, including a close working partnership with Rosneft, Russia’s leading oil company which currently produces over 2.6 million of barrels of oil per day. In 2010, the two organisations signed an agreement to jointly pursue upstream projects in the Middle East, with Rosneft joining Crescent Petroleum in the exploration of the Sharjah Onshore Concession, a 1,250 square kilometers known for its gas potential. The first exploration well was drilled in November 2011, and following an extensive and state-of-the-art 3-D seismic survey the parties are planning a second exploration well scheduled to be drilled in the first half of 2013.
Read more: http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/February/uaebusiness_February224.xml§ion=uaebusiness
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