Russian Companies Join Effort for Arctic, Unconventional Technologies

Russian companies team up to promote investments in technology, with Gazprom Neft and Rusnano Group joining efforts to develop nanotechnologies and nano-materials ‘superior to those currently available for import.’

‘The aim of the agreement is to support the search for innovative Russian technologies directed at improving effectiveness in field development and exploitation, in oil refining, and in reducing environmental impacts,’ reads a note released by Gazprom Neft on Monday evening. 

Current sanctions on technology are pushing companies to find a way to internally develop similar goods.

“Work in new areas — including, for example, in the Arctic, in the opening up of unconventional and hard-to-recover oil reserves, in improving refining depth, or in improving fuel quality or environmental sustainability — these are the areas of the industry in which cutting-edge development is particularly active,” Gazprom Neft CEO Alexander Dyukov commented.

The success of similar efforts will also depend on the ability of Russian companies to buy know-how from service companies, especially the ones with financial problems. Many experts suggested that Moscow is mulling an investment in Saipem.