Crescent opens doors to region for Rosneft - Emirates Business 24|7

A joint oil project between Crescent Petroleum and Rosneft Oil Company will be signed and the first drilling operations will be started on June 5.

The joint venture represents the first entry of Russian oil to the region and the signing of the agreement and the first drilling operations will be in the presence of Sheikh Sultan bin Mohammed bin Sultan Al Qassimi, Crown Prince and Deputy Ruler of Sharjah, and a number of Emirati and Russian officials.

After the signing, the delegates will move to the project site to launch the first drilling operations after which details about the joint project and the partnership will be announced. This agreement constitutes the first joint activity between the two companies since the signing of the strategic partnership on May 10 in Moscow between Badr Jafar, Executive Director of Crescent Petroleum Group, and Sergey Bogdanchikov, President of Rosneft Oil Company.