Prime Minister Vladimir Putin meets with Statoil ASA CEO Helge Lund
5 may 2012
Transcript of the beginning of the meeting:
Vladimir Putin: Good afternoon, I’m very glad to see you. Today I had an opportunity to talk with the Norwegian prime minister and we briefly discussed the results of our cooperation in several spheres, including energy. I’m pleased to note that after reaching political agreements on this score, on the border demarcation, in particular, we are taking our economic cooperation to an entirely new level.
I’m especially pleased to see that you are developing a multi-lateral partnership with Rosneft, one of Russia’s leading companies. You will be cooperating not only on our territory, but also on your licensed areas, as well as exchanging assets. Needless to say, your broad cooperation is bound to affect related industries, such as ship-building and infrastructure development. The work ahead is planned for several years and I am convinced it will be success. We value our relations with our neighbours, Norway in particular, and I’m sure our projects will develop very favorably and will enjoy the Russian government’s unreserved support.
Helge Lund (via interpreter): Mr Prime Minister, thank you very much for your time.
I visited Moscow a year after I joined the Statoil ASA top management, and in 2005 we stated that Norway and Russia are natural partners in the North. Statoil has continued in this belief since 2005. I think it would be no exaggeration to say that we have been trying to determine the potential of geological prospecting in the open sea over the last two decades. This is why we are so happy to conclude this agreement with Rosneft – this is a strategic step for both companies. The most important point for us is reciprocity in the terms of the agreement. We discussed our plans with Mr Khudainatov an hour ago. He will inspect some of our facilities in Norway with his team and I will do the same in Russia.
I believe this agreement is also important because it covers all assets. I’m convinced that it will act as a catalyst for other fields, as you have just mentioned.
During the past week we have worked a lot with Mr Sechin as well. Our talks were very tense, but constructive, making me feel sure of our success. In turn, I will do everything on my part, on my company’s part, to ensure a positive outcome. Thank you for the confidence you have shown us. We are very serious about this partnership and will do all we can to make our cooperation successful both for Rosneft and Statoil.
Vladimir Putin: What would you say is the total potential investment in these joint projects, given that everything will develop as we hope?
Helge Lund: If the prospecting is successful, the investment will run into billions of dollars. The oil fields in question, both on the ground and in the open sea, are very difficult to develop… However, I hope that with the help of new technology and innovations we will achieve all of our goals. If we are successful, I think our companies will be exchanging innovations and technology on a major scale. I know that some licenses will be valid until 2040. This will be a long-term strategic partnership.
Vladimir Putin: I wish you the best of luck.
Helge Lund: Thank you.
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After the meeting, Rosneft and Statoil Asa signed an agreement in the presence of Prime Minister Vladimir Putin.