Cresent, Reliance to collaborate

Crescent Petroleum has signed a cooperation agreement with Reliance E&P to establish a framework for concluding specific accords to joint development of oil, gas and other industrial projects of mutual interest.

Offshore staff

SHARJAH, United Arab Emirates -- Crescent Petroleum has signed a cooperation agreement with Reliance E&P to establish a framework for concluding specific accords to joint development of oil, gas and other industrial projects of mutual interest. This includes upstream development, midstream pipelines and related facilities, as well as downstream industrial and petrochemical projects.

"We are delighted to be joining forces with Reliance E&P and Reliance Industries, and through this cooperation agreement, we are laying the foundations for mutual cooperation and collaboration on a variety of oil and gas prospects," says Badr Jafar, Cresent Petroleum executive director.

"It is a very important day for us to join forces with such a capable and efficient oil and gas company in this region," says Atul Chandra, director of Reliance E&P and Reliance Industries president of petroleum international business. "We have numerous strategic synergies between us, which will help both of us add value to our shareholders."

06/26/2008

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