Govt commission preliminarily lets Schlumberger buy 25–49% in EDC

GORKI, Moscow Region, Apr 28 (PRIME) -- The Russian government’s commission for foreign investments control has preliminarily approved a request by U.S. Schlumberger to acquire between 25% plus one share and 49% in Eurasian Drilling Company (EDC), Director Igor Artemyev told reporters on Saturday.

“The government’s commission has decided that the Russian government would not like to give control, or 50% plus one share but set the brackets of a blocking stake, or from 25% plus one to even 49% of the shares and has ordered the Federal Antimonopoly Service to start corresponding negotiations with Schlumberger,” Artemyev said.

The deal will contain several restrictions, he said.

EDC said in July 2017 that its shareholders approved sales of a 51% stake in the company to Schlumberger. In November, Deputy Director of the Federal Antimonopoly Service Andrei Tsyganov said that the service and Schlumberger were working on a mechanism to protect the company’s investment in EDC and Russian economic interests in case of new Western sanctions.

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