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Russia's Gazprom Neft eyes cooperation with Saudi Aramco in hard-to-recover oil

Published 18/10/2017, 11:37
© Reuters. FILE PHOTO: Sign displaying the logo of Russia's Gazprom Neft oil company is seen at company's office in West Siberian city of Khanty-Mansiysk
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MOSCOW (Reuters) - Russia's Gazprom Neft (MM:SIBN) will jointly work with the world's largest oil producer Saudi Aramco in hard-to-recover oil production and on a technology known as hydraulic fracturing, Gazprom Neft's head Alexander Dyukov said on Wednesday.

Earlier this month, both companies have signed an agreement on technological cooperation during a state visit to Russia by Saudi King Salman.

© Reuters. FILE PHOTO: Sign displaying the logo of Russia's Gazprom Neft oil company is seen at company's office in West Siberian city of Khanty-Mansiysk

Dyukov also told reporters that Gazprom Neft expects its borrowings to rise to between 200 billion roubles and 210 billion roubles (£2.6 billion - £2.7 billion) next year without possible new funds for Messoyakha greenfield.

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