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Oil MS Brazil has proposed to Russia's Zarubezhneft to develop deposits on the Brazilian coast under an agreement to be signed shortly
Oil MS Brazil has proposed to Russia's Zarubezhneft, operator of state-controlled oil projects overseas, to develop deposits on the Brazilian coast under an agreement to be signed shortly, the company's head said Wednesday. "They need partners to cover the technical aspect because they have everything else," Zarubezhneft Director General Nikolai Tokarev said. Oil MS Brazil holds 43 licenses for developing oil fields in the Solimos and Sao-Francisco basins near Rio-de-Janeiro, Tokarev said. Zarubezhneft will be able to choose the deposits for development, he said. He added that if at least half of the licenses that Oil MS Brazil held led to commercial discovery of the new deposits, it would make the company second largest in Brazil after state giant Petrobras. Zarubezhneft also made a proposal to Oil MS Brazil on the joint reconstruction of Brazilian oil-refineries and construction of oil and gas pipelines, Tokarev said. Tokarev also said Zarubezhneft and Oil MS Brazil planned to sign a general agreement on cooperation soon. "We sent a draft agreement to our Brazilian partners in February, and it will be signed shortly," he said. Negotiations between the two companies took place on the sidelines of Prime Minister Mikhail Fradkov's four-day visit to Brazil, which started April 4.
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