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Tuesday, January 27, 2009

Kuwait agrees to joint venture on energy with Russia's Gazprom

ABU DHABI Ñ Kuwait has formed a joint venture with Russia's leading energy company.   

Kuwait's Noor Financial Investment has joined Russia's Gazprom for energy ventures in both countries. Under the deal, the joint venture would conduct crude oil and natural gas production as well as provide maintenance services.

"We are delighted to be co-investing with Gazprom to participate in their opportunities in Russia and Commonwealth of Independent States countries, as well as partnering to bring Gazprom to the [Gulf] region," Noor deputy chairman Nasser Al Merri said.

Also In This Edition

Executives said Gazprom would own 51 percent of any joint venture in Russia.

Noor would retain a 51 percent stake for projects in Kuwait, with Gazprom holding 29 percent and the Cyprus-based Cilantro Holding, 20 percent.

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