UAE's Mubadala completes JV to develop oilfields in Russia

Mubadala Petroleum, a wholly-owned subsidiary of Abu Dhabi's Mubadala Investment Company, has completed a deal to establish a joint venture to develop oil fields in the Tomsk and Omsk regions of Western Siberia, the Russian Direct Investment Fund (RDIF), a partner in the deal, said in a statement on Wednesday.

Mubadala Petroleum bought  44 percent stake in Gazprom Neft-Vostok, the operator of 13 oilfields, from Gazprom Neft. RDIF holds 5 percent stake in the venture.

The partners will determine the long-term strategy of the joint venture, focusing on efficiency in exploration and production activities at the fields as well as at pre-Jurassic hydrocarbon deposits, the statement added.