Kuwait's Noor Financial Investment Co and a unit of Russia's Gazprom are setting up an oil and gas exploration joint venture, an official from the Kuwaiti company was quoted on Saturday as saying. Two firms are being established, one in Russia and one in Kuwait, under the joint venture of Noor and Gazprom Geofizika, Noor Vice President Nasser al-Marri told the state news agency KUNA.
Gazprom will hold 51 percent of the company in Russia and Noor 49 percent, while in Kuwait Noor will hold 51 percent and Gazprom 29 percent with the remainder held by a Cyprus-based holding company. The joint venture will focus on providing exploration and pre-production services and maintenance, repair and renovation activities in the oil and gas sector, the agency said.