Printer Friendly

CONOCO DETAILS ITS ROLE IN RUSSIAN AID PACKAGE

 HOUSTON, April 4 /PRNewswire/ -- A part of the aid package for Russia announced during the weekend meeting between U.S. President Bill Clinton and Russian President Boris Yeltsin included support for the first new oil field developed by a U.S.-Russian joint-venture.
 The field is being developed by Conoco, a subsidiary of the U.S.-headquartered DuPont Company.
 "We are gratified that the Overseas Private Investment Corporation (OPIC) of the U.S. government has selected our joint venture to be the first recipient of its financing program for Russia," Constantine S. Nicandros, Conoco President and CEO said.
 He said the oil project, called Polar Lights, will provide jobs at several dozen U.S. firms that are participating in the construction of some $100 million in equipment and facilities for export to Russia.
 Under the program announced, Conoco's 50-50 joint venture with the Russian geological enterprise Arkhangelskgeologia will receive a $50 million loan guarantee from OPIC. The loan guarantee does not use tax dollars to fund the project, instead the government endorsement will make it easier for the company to obtain loans from commercial banks or other financial sources.
 Conoco has invested some $100 million in its Russian activities and expects the development of the new oil field to cost more than $300 million.
 Nicandros described the Conoco project as a partnership that provides jobs to U.S. and Russian workers, improves Russia's oil production capability and provides a means for Russia to strengthen its economy with oil sales.
 "Conoco's goal from the start of operations in Russia has been to create a sound economic relationship, with mutual benefit for the citizens and workers in both the United States and Russia. This project accomplishes that," Nicandros said.
 He said it is important that government and private enterprise work together to gain the greatest benefit from their activities in support of Russia and its people.
 "The Administration's recognition that aligning the Russian aid program with strong U.S. business activities in Russia is positive for all involved parties," Nicandros said.
 "Government has an important role to play in nurturing long-term business developments and trade relations," he said.
 -0- 4/4/93
 /NOTE TO EDITORS: This item contains details on one of the Russian aid items announced during the Clinton-Yeltsin Summit./
 /CONTACT: John Gehbauer of Conoco, 713-293-3115, or Sunday, April 4 Only, 713-333-2775/


CO: Conoco, DuPont Company ST: Texas IN: OIL SU: JVN

+ MA -- NYSU002 -- 2810 04/04/93 18:29 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 4, 1993
Words:410
Previous Article:INTEGRATED LABS ANNOUNCES ACQUISITION OF PLASTIC PRODUCTS, INC.
Next Article:SHAREHOLDERS OF CB&T FINANCIAL CORP. APPROVE MERGER WITH HUNTINGTON BANCSHARES
Topics:


Related Articles
CONOCO DETAILS ITS ROLE IN RUSSIAN AID PACKAGE
Conoco Joint-Venture Drills First Venezuela Well
Conoco Affiliate Purchases Interest in Russian Company
Conoco Signs Indonesia/Singapore Block B Gas Agreement.
Conoco and Russian Partners Reach Oil Production Milestone.
Battle over pounds 1m secret.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters