Alexander Dyukov, head of Gazprom Oil Company, the oil branch of the gas giant Gazprom, said on February 16, 2018 that his company would announce, in the first half of this year, joint ventures to be implemented with Saudi Aramco.
The two sides have reached a road map to study a range of technical issues, which, according to its results, will determine the projects to be implemented, according to Dyukov.
Speaking about the nature of the cooperation, he stated that: “It is supposed to be done in the first half of this year. The cooperation between the two companies will take place in several fields, including the development of drilling, exploration and oil wells restoration techniques, as well as the improvement of pumping systems and the manufacture of non-metallic pipes of large diameter. As well as the tutoring and training of cadres directly in the production facilities”.
“The agreement signed by Gazprom with Aramco in October of 2017, opens prospects for cooperation in the manufacture of equipment for oil and gas extraction, with the possibility of manufacturing being done in Russia or Saudi Arabia,” he added.
Moscow and Riyadh, the two biggest oil producers, have stepped up their cooperation after their contribution in the making of a global deal to cut crude production. In that regard, they have signed agreements of cooperation and set up a $ 1 billion investment fund to finance projects in the energy sector.
