Belarus and Russia Jointly Explore Oilfields

Belorusneft Production Association and several Belarusian companies set up a joint venture to explore oilfields.

Belorusneftegaz CJSC JV was founded in accordance with the resolutions of Belarusian Cabinet of Ministers and the National Bank of Belarus to extract oil in Russia and other countries.

The Belarusian participants in the joint venture are Belorusneft (an oil extracting branch of Belneftekhim), while Rosneftegazstori, Promneftegazm and Prominveststroi will represent Russia.

PromInvest proposed a project to explore and develop oilfields in Russia within the framework of a Belarusian-Russian joint venture. A joint company like that could produce an estimated 1 million tons of crude a year.

The Belarusian part of the deal will be to explore oilfields and make oil wells.