The Crescent Group and its subsidiary, Crescent Enterprises, have announced co-operation agreements with Russia on two major investments in the UAE
The group expects to conclude two major projects with Russia in 2013, both of which are in the ports and logistics industry sector.
Badr Jafar, managing director of Crescent Group, said, "Together, these two countries [the UAE and Russia] produce 36 per cent of world oil production and 29 per cent of world gas production. The opportunities are ripe for a vast increase in the scope for further business between the UAE and the Russian Federation."
Through its subsidiaries, Crescent has established strong Russian links over the past five years, including a close working partnership with Rosneft, Russia's leading oil company which currently produces over 2.6mn barrels of oil per day.
Crescent signed an agreement with Russia in 2010 to jointly pursue upstream projects in the Middle East, with Rosneft joining Crescent Petroleum in the exploration of the Sharjah Onshore Concession.
The first exploration well was drilled in November 2011 and, following an extensive 3D seismic survey, the parties are planning a second exploration scheduled to be drilled in the first half of 2013.
Jafar added, "With over a million Russians expected to visit the UAE in 2013, Russians are already the second largest economic contributors to UAE tourism, so the setting is right for business, particularly those operating in the real estate, energy and logistics sectors."
