Rosneft and Crescent eye Iraq venture

Rosneft could become the first Russian oil company to enter Iraq after launching a landmark oil and gas project in the Middle East with Crescent Petroleum.

Crescent, a private Emirates-based energy company, and Rosneft will today announce a partnership to develop a gas project in the United Arab Emirate of Sharjah, marking what will be the first time a large Russian company has developed hydrocarbons in the Middle East.

The Sharjah gas development is part of a strategic partnership Rosneft signed with Crescent Petroleum last month to build a presence in the Middle East after months of diplomatic exchanges between the UAE and Russia.