Business | Oil & Gas
Kuwaiti firm forms ventures with Gazprom
An investment firm in Kuwait is forming a pair of joint venture companies with Russia's Gazprom, Kuwait's official news agency reported on Sunday.
- AP
- Published: 23:25 January 25, 2009
Dubai: An investment firm in Kuwait is forming a pair of joint venture companies with Russia's Gazprom, Kuwait's official news agency reported on Sunday.
Noor Financial Investment Co will join with the Russian oil and gas giant's Gazprom Geofizika subsidiary to form one venture in Russia and another in Kuwait, the Kuwait News Agency (KUNA) reported.
The ventures will provide oil and gas production, repair and 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 region," KUNA quoted Noor Deputy Chairman and Managing Director Nasser Al Merri as saying.
Gazprom will own 51 per cent of the Russian company, and Noor will hold the rest, the report said. In Kuwait, Noor will have a 51 per cent stake. Gazprom will hold 29 per cent and Cyprus-based Cilantro Holding the remainder.
Al Merri's mention of the Commonwealth of Independent States suggests the deal could extend beyond Russia's borders.
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