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    Schlumberger-EDC Deal Delayed Due to US Sanctions – Russian Deputy PM

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    The deal on the acquisition of Russia’s Eurasia Drilling Company (EDC) by US-French oil services giant Schlumberger has stalled due to the unpredictability of the US sanctions on Russia, Russian Deputy Prime Minister Arkady Dvorkovich said Friday.

    CERNOBBIO (Italy) (Sputnik) — In July, Schlumberger announced its intention to acquire 51 percent of EDC shares, with the company agreeing to the proposal. The deal now requires approval of the Federal Antimonopoly Service (FAS). EDC is Russia’s largest drilling company.

    Dvorkovich said that he supports the position of Russian Minister of Natural Resources and Environment Sergei Donskoi, who said that Moscow needs guarantee that the work of EDC will not be affected by the US sanctions should the company’s shares be acquired by Schlumberger.

    “I agree that the acquisition should not take place if after a month it results in the interruption of company’s work. I think that the delay is caused by the unpredictability of the situation … Any deals are possible, but again, we need to understand all consequences: what we will receive, what risks exist and then we will make a final decision,“ Dvorkovich told reporters.

    The United States introduced a new round of sanctions in July. The restrictive measures target Russia's defense, intelligence, mining, shipping and railway industries and restricts dealings with country's banks and energy companies.

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    Tags:
    sanctions, Eurasia Drilling Company, Schlumberger, Arkady Dvorkovich, Russia, France
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