Middle East gas oil and gas company Crescent Petroleum and Russian state cooperation Rostekhnologii will implement transportation projects on Russian territory, the Russian deputy prime minister said on Saturday, RIA Novosti reported.
"Today, a preliminary agreement of the investment fund statutory documents was made. It includes Rostekhnologii and the shareholders of Crescent Petroleum, with a total of $500 million. The Fund will implement transportation and logistics projects in Russia," Igor Sechin said.
The final agreement will be signed in September at a forthcoming business forum in Sochi, he said.
The deal was also discussed at a meeting between Russia Prime Minister Vladimir Putin and a member of Crescent Petroleum's board of directors, former Iraqi Prime Minister Ayad Allawi, Sechin said.