Govt commission yet to decide on Schlumberger–EDC deal

MOSCOW, Oct 12 (PRIME) -- The Russian government’s commission for foreign investment control has considered an acquisition by U.S. oilfield servicing giant Schlumberger of 49% in Eurasia Drilling Company (EDC), but made no final decision, the Federal Antimonopoly Service’s Deputy Director Andrei Tsyganov told reporters on Friday.

“A final decision is yet to be made, but we held another round of discussions taking into account all possible risks and advantages,” he said.

When asked whether the approval may be expected at the commission’s next meeting, he said, “Reporters have said several times that this (approval) is just around the corner, but no one is able to predict development of the discussion on this issue…We have formed the package of conditions, the problem lies in estimation of risks. Risks are always there even under these conditions.”

EDC said in July 2017 that its shareholders approved sales of a 51% stake in the company to Schlumberger. In November, 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.

In April 2018, Russian government’s commission for foreign investment control preliminary approved a request of Schlumberger to acquire between 25% plus one share and 49% in EDC.

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