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DRESSER AND PETRO-HUNT CORPORATION SIGN PROTOCOL FOR FINANCING AND INSURANCE ON RUSSIAN OIL AND GAS PROJECT

 DALLAS, Jan. 14 /PRNewswire/ -- Dresser Industries, Inc. (NYSE: DI) announced today that both Dresser Industries and Petro-Hunt Corporation have signed a protocol for financing and insurance support from the Overseas Private Investment Corporation (OPIC) of the United States for an oil and gas exploration and development project in Western Siberia. Dresser and Petro-Hunt Cyprus have applied to OPIC for up to $50 million of investment in the project and to provide at least $10 million of political risk insurance coverage. OPIC financing and the start of the project are contingent upon obtaining all necessary agreements, licenses and approvals.
 Dresser proposes to participate in a joint venture (KhantymansiysknefteHunt) with Petro-Hunt and several agencies of the Russian Government, to engage in oil and gas development and production in the Lebyajie Oil Field and the Rogozhnikovskoye Oil Field. These fields are located in the Khantymansiysk District of the Tyumen Region of the Russian Federation.
 According to John J. Murphy, chairman and CEO of Dresser, "With the support of OPIC, Dresser and Petro-Hunt are now closer to proceeding with the KhantymansiysknefteHunt project in Western Siberia. The project could potentially generate multi-billion-dollar opportunities for the joint venture as well as the Russian people."
 Headquartered in Dallas, Dresser is a leading supplier of highly engineered products and services utilized in hydrocarbon energy-related activities throughout the world.
 -0- 1/14/94
 /CONTACT: Donald R. Galletly of Dresser Industries, Inc., 214-740-6757/
 (DI)


CO: Dresser Industries, Inc.; Petro-Hunt Corporation ST: Texas IN: OIL SU: FNC

CB -- NY032 -- 1198 01/14/94 12:16 EST
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Publication:PR Newswire
Date:Jan 14, 1994
Words:255
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