Russian's OAO Gazprom (Nasdaq: OZGPY; LSE: OGZD; DAX: GAZ; RTS: GAZP ) has confirmed reports that it is planning to enter Israel's offshore oil and gas exploration industry. "We are carefully looking at this opportunity" Gazprom deputy chief executive Alexander Medvedev told reporters at a EU-Russia energy conference in Brussels.
Medvedev added, "We are a world energy company and we are going in the direction where economic opportunities can be seen."
Gazprom plans to invest in a 50% stake in a private Israeli company that currently holds rights to develop Israel's offshore energy assets, said "Interfax" last week, citing Stanislav Tsygankov, head of the company's foreign economic operations. He added that the company plans to make an investment by the end of 2010 and to begin exploratory drilling in early 2011.
Gazprom's representative in Israel, Alexander Ivanov has met owners of offshore leases.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2010
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