26-01-09 A Kuwaiti investment company has formed a couple of joint venture companies with the subsidiary of Gazprom, marking the entry of the Russian oil and gas giant in the region.
Under a joint company, Noor Financial Investment Company will join with Gazprom Geofizika to form one company in Russia and another in Kuwait to cover upstream and maintenance services.

Nasser Al-Merri, Noor Invest Deputy Chairman and Managing Director, told that the establishment of the new company comes as part of implementing an earlier agreement between the two sides.
"We are delighted to be co-investing with Gazprom to participate in their opportunities in Russia and Commonwealth of Independent States countries, as well as partnering to bring Gazprom to the region," Al-Merri was quoted as saying.

Al-Merri said the joint venture in Russia will work under Gazprom and will control a share of 51 % of its shares, while Noor will control 49 % of the shares.
The joint venture, which will establish a similar company in Kuwait, will have 51 % of its shares, while Gazprom holds 29 % of the shares and 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 area of exploration and pre-production, maintenance and repair and renovation activities of the oil and gas sector, Al-Merri said.
Al-Merri added that the joint venture could help bridge the expertise between the Russia and Kuwait in technology transfer and knowledge sharing to support the exploration of oil and gas as well as increasing production capacity in these areas.