Abu Dhabi’s Mubadala eyes stake in Russia’s Eurasia Drilling: report

07/03/2017 Argaam

Abu Dhabi's sovereign fund Mubadala and the Russia-China Investment Fund (RCIF) are mulling the joint acquisition of a 13-15 percent stake in Russia’s Eurasia Drilling Co. (EDC), Reuters reported Tuesday, citing unnamed sources familiar with the matter.

 

No details were disclosed about the deal value.

 

EDC, Russia’s largest onshore oil drilling firm, will use the proceeds from the sale to develop its fields, it was reported.

 

The company is controlled by chief executive Alexander Djaparidze, who owns a 30.2 percent stake, and his business partner Alexander Putilov (22.4 percent), according to the latest public data from the end of 2014.

 

All the parties involved declined to comment.

 

In 2015, EDC delisted its shares from the London Stock Exchange after US oilfield services firm Schlumberger NV failed to buy a stake in it.

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