Russia Plans Giant State Oil Services Company to Replace Western Firms

President Vladimir Putin has approved the creation of a state-owned oil exploration drilling corporation that will replace Western oil service companies forced to reduce operations in Russia by sanctions over Ukraine, a news report said Monday.

In a time of “sharply escalating international tensions,” a national oil service company uniting all necessary drilling and servicing expertise is crucial to ensure Russia can keep its hydrocarbon output stable in the long term, Deputy Prime Minister Alexander Khloponin wrote in a letter sent to Putin in September .... http://www.sptimesrussia.com