Crescent Petroleum signs cooperation agreement with Reliance

The cooperation agreement is intended to establish a sustainable framework for concluding specific accords to jointly undertake or participate in the development of oil, gas and other industrial projects of mutual interest in the region's energy sector, including upstream development, midstream pipelines and related facilities, as well as downstream industrial and petrochemical projects.

The agreement was signed in a ceremony held at Crescent's headquarters in Sharjah by Badr Jafar, Executive Director at Crescent Petroleum, and Atul Chandra, President of Petroleum International Business at Reliance Industries and Director of Reliance E&P.

Badr Jafar commented,

"We are delighted to be joining forces with Reliance E&P and Reliance Industries, and through this cooperation agreement, we are laying the foundations for mutual cooperation and collaboration on a variety of oil and gas prospects."

"Pursuant to this agreement the two companies will evaluate and discuss any and all projects that are consistent with each company's objectives."

Atul Chandra spoke on behalf of Reliance E&P, saying, "It is a very important day for us to join forces with such a capable and efficient oil and gas company in this region. We have numerous strategic synergies between us, which will help both of us add value to our shareholders."

Cooperation prospects between the two companies are likely to include oil- and gas-related upstream and midstream projects, as well as industrial and petrochemical projects within the framework of Gas Cities LLC, a proprietary concept developed by Crescent with its partner company Dana Gas.

The vision of Gas Cities is to develop private-sector-driven, state-of-the-art, integrated industrial communities relying on natural gas as fuel and feedstock, thereby maximizing the economic benefit of gas beyond what is achievable through the export of gas.