Rosneft, Crescent to Expand Footprint in Middle East

Rosneft signed a Strategic Cooperation Agreement with Crescent Petroleum. The Agreement was signed in Moscow between Sergey Bogdanchikov, President of Rosneft and Badr Jafar, Executive Director of Crescent Petroleum Group.

This Agreement creates the framework for the joint pursuit of specific oil and gas exploration and development opportunities in the Middle East and North Africa region. Access to material and high quality new upstream projects will be facilitated by combining Rosneft's Russian petroleum industry experience, financial strength and technical capabilities alongside Crescent Petroleum's extensive international operating experience and unique access within the Middle East and North Africa region. This Cooperation Agreement creates a strong energy partnership between Russia and the Middle East, the world's two largest oil and gas producing regions.

Rosneft President, Sergey Bogdanchikov commented, "We are happy to have entered into this partnership. Rosneft will now create a foothold in one of the world’s most prolific hydrocarbon producing territories."

Crescent Petroleum Executive Director, Badr Jafar stated, "It gives us great pleasure to enter into this Strategic Cooperation Agreement with Rosneft, Russia's leading oil company, as the beginning of a long-term, fruitful relationship between our two companies."

Both Crescent Petroleum and Rosneft have identified the need for significant investment in specific oil and gas projects to ensure that MENA continues to maintain its pre-eminent position as a major energy supplier to the world. This relationship promises to lay the groundwork for a greater level of cooperation in the MENA region's energy sector and the combined focus areas of both companies will also allow for a wider range of long term projects. Rosneft and Crescent are already actively pursuing material joint investment opportunities in the region.