Sheikh Ahmed bin Saqr and Zeman after signing the contract. ©Gulf News
A $1.2 billion contract was signed yesterday between the Offices of Sheikh Ahmed bin Mohammed Al Qassimi and ADZ Trading company for the purchase of crude oil and oil products from Russia.

The joint venture deal envisages intial yearly export of 150,000 to 300,000 tonnes of this crude to Europen countries. "This will eventually open way to the markets in the US and Mexico," said Omar A. Yousddouf, head of the petroleum division of the Offices of Sheikh Ahmed.

The contract is for five years. It was signed by Sheikh Ahmed bin Saqr Al Qassimi, vice chairman of the company and Corrado D. Corneo, second secretary and head of the economic department at the consulate of Latvia. Peter Zeman, honorary consul of Latvia in the Czech Republic was also present.

Youssouf said the visit of the honorary consul facilitated the groundwork for the 50-50 joint venture.

ADZ already has joint ventures with Germany, UK and Russia. It has been awarded twice as the best exporter of the Czech Republic.