Published: January 26, 2009
The Kuwaiti Noor Financial Investment Company has announced its plans for a joint venture with Russia’s Gazprom Giovezeka of the Russian oil and gas company Gazprom.
The establishment of the new company is part of an earlier agreement between the two sides to set up the two companies, one in Russia and one in Kuwait, under one joint venture. On the Russian side, Gazprom will control of 51% of its shares, while Noor will control 49%. On the Kuwaiti side, Noor holds 51%, while Gazprom holds 29%. The remaining 20% share will be for a Cyprus Silantro Holding company.
The work of the two companies will focus on providing services in the areas of exploration and pre-production, such as maintenance, repair and renovation activities of the oil and gas sector
This provides an investment opportunity for the Kuwaiti company in Russia and will attract Russian companies to work within the region.