January 17, 2020 / 11:19 AM / a month ago

Russia set for long-term partnership with OPEC, says Gazprom Neft

FILE PHOTO: The logo of Russian gas giant Gazprom is seen on a board at the St. Petersburg International Economic Forum, Russia, June 6, 2019. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) - Gazprom Neft, Russia’s third largest oil producer, believes Moscow’s cooperation with OPEC on output will continue into the long term, Deputy Chief Executive Vadim Yakovlev told reporters on Friday.

He praised the decision by OPEC and non-OPEC nations, a group known as OPEC+, to exclude Russian gas condensate from Moscow’s quotas under their latest agreement to curb output, a move that allows Gazprom Neft to expand its condensate production.

Yakovlev also said that Gazprom Neft was considering whether to join Royal Dutch Shell projects in the Middle East and Northern Africa, while offering Shell a role in the Achim projects and offshore projects off Sakhalin island.

Reporting by Olesya Astakhova; writing by Katya Golubkova; editing by Jason Neely

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