Rosneft and UAE’s Mubadala Petroleum are discussing development of two fields in East Siberia - Kremlin

MOSCOW, August 24. /TASS/. Russian oil major Rosneft and UAE’s Mubadala Petroleum are holding negotiations on the project for development of two oilfields in East Siberia, Srednebotuobinskoe and Verkhnechonskoe, the press service of the Russian President said on Monday. Cooperation in energy sphere will also be discussed on August 25 at the meeting of Russian President Vladimir Putin with the Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces Mohammed bin Zayed Al Nahyan, the press service said. Rosneft and UAE’s Crescent Petroleum are already implementing a large-scale development project on a concession area in Sharjah Emirate [Rosneft has a 49% stake - TASS], the presidential press service said. Rosneft and Mubadala Petroleum signed a strategic cooperation agreement called to promote ties between two companies in hydrocarbons exploration and production sphere in May 2014. A non-binding agreement provides for potential participation of Mubadala Petroleum in development of Rosneft’s assets in East Siberia and Rosneft’s participation in international project implemented by Mubadala Petroleum. Read more