February 12, 2012
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№ 1 (January 2012)

Russia's Sechin Proposes State Oil Field Service Company

Russia's government is considering the creation of a state oil service company to compete with private and foreign firms, the Kommersant daily reported Tuesday quoting unnamed government officials.

By Dow Jones & Company, Inc.

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The proposal to consolidate oil field service assets belonging to state energy companies was put forward by Deputy Prime Minister Igor Sechin in a letter to Prime Minister Vladimir Putin, the paper said.

Sechin has ordered the energy ministry and state energy companies to prepare the necessary documentation.

The oil service company could be created on the basis of oil major OAO Rosneft (ROSN.RS) or energy holding company Rosneftegaz and could include assets belonging to state-controlled companies OAO Gazprom (GAZP.RS) and Zarubezhneft.
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