Rosneft, Singapore’s Keppel to form joint venture

An oil installation.

An oil installation.

Vladimir Smirnov/TASS
The company will set up a design and engineering center in Russia.

Russian oil major Rosneft, Singapore’s Keppel Corp and Norwegian drilling equipment company MHWirth will set up a joint venture incorporated in Singapore.

Rosneft and a Keppel offshore unit will have a 45 percent stake each in the company, while MHWirth will have a 10 percent stake, Keppel said in a press release on May 19.

The company will set up a design and engineering center in Russia and will initially handle work related to Rosneft’s shallow water platforms.

Russian companies signed a host of agreements with their counterparts from ASEAN countries this week. Sochi is currently hosting the Russia-ASEAN summit.  

Read more: Thailand’s CP Foods, RDIF to invest $1 bln in dairy complex

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