Russian min not against Schlumberger-EDC deal if risks offset

KHABAROVSK, Apr 6 (PRIME) -- Russia’s Energy Ministry will not oppose global oilfield services company Schlumberger’s deal to buy a 45.65% stake in Russia’s Eurasia Drilling Company (EDC) if risks are offset, Minister Alexander Novak told reporters on April 4.

“On the whole, we see no obstacles if risks are offset, this is the right of parties to agree with each other,” Novak said.

In January, Schlumberger said it agreed to buy the stake in EDC for around U.S. $1.7 billion. Russia’s Federal Antimonopoly Service then requested vides details of the deal. Having studied the documents, the antitrust body said that the deal did not require antimonopoly approval, but was subject to approval by the government’s commission on foreign investment control.

The commission is still to provide a full list of conditions to Schlumberger for the deal. As one of possible conditions, Schlumberger will have to sell the stake in EDC to Russian investors if further sanctions against the country block its operations.

The government should receive a “golden share” in EDC after its sale to Schlumberger, Kommersant business daily reported Monday, citing the commission’s conditions for the deal.

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