Russian companies to explore oil and gas in Jordan

43087.jpegRussia's Energy Minister Sergei Shmatko signed an agreement encouraging Russian companies, including state-owned OAO Zarubezhneft, to explore for oil and gas in Jordan, the Jordanian Energy Ministry said today.

The agreement allows for direct investment in exploration projects and the formation of ventures with private local companies to look for oil and gas in the Arab country. The accord also allows Russians to participate in projects for power generation, oil shale and renewable energy, the ministry said in an e-mailed statement.

Shmatko signed the agreement today in Jordan's capital, Amman, before Russian President Dmitry Medvedev was scheduled to end a two-day visit, the ministry said. It did not give details about how the pact would encourage Russian companies to do business in Jordan, Bloomberg reports.

Russian President Dmitry Medvedev paid his first official visit to the West Bank Tuesday.

From the ancient city of Jericho, Medvedev publicly declared Russia's longtime support for a future Palestinian state. The Palestinians welcomed the move, which is part of their push to have world leaders recognize their future state outside negotiations.

Medvedev didn't go as far as some leaders in Latin America, who over the last couple of months have officially recognized a future Palestinian state along the 1967 borders, according to KBOI.


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