Business | Oil & Gas
Russia could bid for Omani stake in Caspian link
Russia is considering making an offer to buy Oman's seven per cent stake in the Caspian Pipeline Consortium (CPC) should the Middle Eastern state decide to sell out, Deputy Prime Minister Igor Sechin said on Friday.
- Reuters
- Published: 23:29 July 11, 2008
Arkhangelsk: Russia is considering making an offer to buy Oman's seven per cent stake in the Caspian Pipeline Consortium (CPC) should the Middle Eastern state decide to sell out, Deputy Prime Minister Igor Sechin said on Friday.
Asked whether Russia would make an offer, Sechin told Reuters: "We are studying this issue."
Shareholders in CPC, the key export route for Kazakh crude, are struggling to agree terms on the pipeline's expansion, with Russia, the key host state, opposing the plan.
Industry sources said Oman, frustrated with delays, had decided to quit the project but the country has not officially commented on the matter.
Kazakhstan would also be interested in the stake should it become available, Timur Kulibayev, president of oil industry group KazEnergy, said.
Russia has a 24 per cent stake in CPC and Kazakhstan owns 19 per cent. The rest belongs to private shareholders.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
