UAE's Crescent eyes expansion with Russian firms

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Badr Jafar, managing director of the Crescent Group and CEO of Crescent Enterprises.

Badr Jafar, managing director of the Crescent Group and CEO of Crescent Enterprises.

UAE-based Crescent Group, parent company to Crescent Petroleum, has announced plans to accelerate its expansion in joint cooperation with Russian companies.

The Group said in a statement that it expects to conclude two major Russian investments in 2013, both of which are in the ports and logistics industry sector.

"In a globalised energy and logistics world, the UAE and Russia are natural partners," said Badr Jafar, managing director of the Crescent Group and CEO of Crescent Enterprises.

"Together, these two countries produce 36 percent of world oil production and 29 percent of world gas production, and yet we are only just beginning to realise the full potential of this bilateral relationship.

"What is important is that we both realise the potential for engaging our respective companies in each other's territories, since only through two-way bilateral trade will we be able to cement a long-term and robust economic relationship," he added.

Jafar said Crescent Petroleum is focusing its efforts on developing joint energy ties, working together with its Russian counterparts to identify new opportunities in upstream and midstream natural gas as well as power in the Middle East and North Africa.

Through its subsidiaries, the Crescent Group has established strong Russian links over the past five years, including a close working partnership with Rosneft, Russia's oil company which currently produces over 2.6 million of barrels of oil per day.

In 2010, the two organisations signed an agreement to jointly pursue upstream projects in the Middle East, with Rosneft joining Crescent Petroleum in the exploration of the Sharjah Onshore Concession, a 1,250 sq km known for its gas potential.

The first exploration well was drilled in November 2011, and following an extensive and state-of-the-art 3-D seismic survey the parties are planning a second exploration well scheduled to be drilled in the first half of 2013.

Gulftainer, a subsidiary of Crescent Enterprises, is set to invest over $300m in the next five years in Russia, increasing its port coverage in the Baltic and the Black Sea area.

In this period of time, it hopes to be in a position to handle 7.5m TEU of cargo and more than 2.5 million TEU containers capacity in its ports.

Crescent Group said discussions are at an advanced stage with various potential Russian partners.

Jafar added: "The opportunities are ripe for a vast increase in the scope for further business between the UAE and the Russian Federation.

"With over a million Russians expected to visit the UAE in 2013, Russians are already the second largest economic contributors to UAE tourism, so the setting is right for business, particularly those operating in the real estate, energy and logistics sectors.

"At the Crescent Group, we have been active in developing ties with Russian companies over the past few years, and we have ambitious plan to build on our mutually rewarding relationships even further in the coming years."

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Finance talk with RAKBANK

Finance talk with RAKBANK

StartUp sat down with RAKBANK’s head of personal banking, Ian...

Tips from the top: Hisham Al Gurg

Tips from the top: Hisham Al Gurg

High profile investor and entrepreneur Hisham Al Gurg discusses...

The hubsters' ecosystem

The hubsters' ecosystem

Tamara Pupic visits Impact Hub Dubai, the first local branch...

Most Discussed
  • 10
    UAE teens among the highest for obesity rates

    Everyone in UAE knows that biggest is best.

    UAE may not light up the international league tables in standard of living, education standards, press... more

    Friday, 29 August 2014 4:20 PM - Proud UAEer
  • 9
    Saudi Arabia seeks talks on hiring of Sri Lankan maids

    perhaps the unemployed saudi men or the millions of women who are not allowed to work could pick up a broom and start sweeping their own houses. more

    Sunday, 31 August 2014 3:28 PM - nice
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew