Mubadala may become minority shareholder in Erginskoye field

Foreign funds will be able to participate in the development of the Erginskoye field only as a minority shareholder and in a consortium with the Russian Direct Investment Fund, said the Deputy Prime Minister Alexander Khloponin. Most likely, the Emirati fund Mubadala will join the project. According to experts, the partnership on such terms would be quite comfortable for Russian companies and will help them to reduce their own investments and will open the door to Mubadala to long-term projects in other areas.

Foreign investors will be able to take part in the development of the Erginskoye oil field through a minority stake in the consortium with the Russian Direct Investment Fund, the Deputy Prime Minister Alexander Khloponin, responsible for the use of mineral resources, said yesterday. "Relatively speaking, we are talking not about their direct participation, but about the Russian Direct Investment Fund," - he said. The co-investor in the development of the Erginskoye field may be the UAE fund Mubadala, with which in 2013 the Russian Direct Investment Fund created a joint fund for $2 billion for investments in the Russian economy. A representative of Alexander Khloponin told the Kommersant that the version, promulgated by the Deputy Prime Minister, was one of the possible, but there’s no decision for a while. The Russian Direct Investment Fund declined to comment.