Russia: Shtokman Development AG, Sovcomflot Ink Cooperation Deal

On 20 September 2011 at St. Petersburg, during the 10th Annual Conference of SCF Business Partners, Sovcomflot signed a cooperation agreement with Shtokman Development AG. The document was signed by Shtokman Chief Executive Director Alexei Zagorovsky and SCF President and CEO, Sergey Frank.

The agreement provides for mutual consultations and information exchange on the Shtokman project in terms of the supply of an auxiliary fleet, the arrangement of environmentally safe marine logistics and the transfer of liquid hydrocarbons, and utilisation of coastal terminals.

“Shtokman Development, as the operator of the first phase of Russia’s largest natural gas project on the Arctic shelf, is interested in drawing upon SCF’s experience as a first-class offshore oil and gas service operator. It is extremely important for us to hold joint consultations with SCF, given that the company has many years of experience in the Russian and international markets, and has established long-standing partnerships with our major shareholder OAO Gazprom, – said Alexey Zagorovsky after signing the agreement.

“The expansion of the company’s involvement in the maintenance of energy projects on the Russian continental shelf lies at the heart of SCF’s development strategy. The Shtokman project has an important place in our plans. I believe that greater interaction with the company operating the project will develop optimal logistic schemes, that will be in demand during its implementation “- said Mr. Frank.

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Source: SCF Group, September 26, 2011