Russia-focused trader Gunvor is expanding upstream, making its first direct investment in the oil and gas exploration and production business. The Dutch-registered trader is to farm in to the Lagansky Block in the Russian sector of the Caspian Sea, paying Sweden's Lundin Petroleum $30 million for a 30% minority stake. Lundin will hang on to 70%. Pending Russian government approval, Lundin said Wednesday that the companies will start preparing to drill the Petrovskaya-1 well.
展开▼
