Monday, August 30, 2010

Rosneft Oil Company to Invest $630M in UAE Joint Venture

Rosneft will invest $630 million in a joint project with a United Arab Emirates oil firm to drill for gas in the Middle East. Production is planned for 2013 at a field estimated to contain 70 billion cubic meters of gas and 16 million metric tons of gas condensate. This comes after last year’s consortium between Crescent Petroleum, Dana Gas, Austria’s OMV and Hungary’s MOL to pump enough gas from Iraq’s Kurdistan region to start the Nabucco pipeline to Europe via Turkey. The Nabucco pipeline will directly compete with Gazprom by lessening dependence on Russian gas. (Moscow Times 23 August 2010)

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