Zarubezhneft Sets Up JV

摘要

Independent gas producer Itera and Russian state Zarubezhneft have inked a deal for joint development of Block 21 in the Turkmen sector of the Caspian Sea. They will set up a joint venture for the work, owned 51% by Zarubezhneft and 49% by Itera, the two said Friday. The deal will close by year-end. Florida-based Itera became the first Russian company to make inroads in Turkmenistan after inking a production sharing agreement in September. It said at the time it would invite Zarubezhneft to join because of the offshore experience Zarubezhneft has gained in Vietnam (IOD Sep.15,p3).