Gazprom Neft, Saudi Aramco talk co-operation

Saudi Arabia

MOSCOW, October 18, 2017 – Saudi Aramco will co-operate with Russia’s Gazprom Neft on fracking technology and hard-to-recover oil, international media reported Wednesday.

“We have to find the format of co-operation […] financing of the work,” Gazprom Neft chairman Alexander Dyukov told Reuters, adding that the two companies had outlined six areas of joint work, including the local production of equipment.

The news follows a memorandum on co-operation that the oil arm of Russia’s gas giant Gazprom struck with Aramco earlier in October.

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