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Jun 24 2008

Crescent Petroleum signs cooperation agreement with Reliance

Crescent Petroleum signs cooperation agreement with Reliance
Indian giant and Sharjah oil firm to undertake projects jointly

Sharjah - 24 June 2008: Crescent Petroleum , the region's oldest private upstream oil and gas company, announced today the signing of a cooperation agreement with Reliance Exploration and Production (Reliance E&P), a wholly-owned subsidiary of Reliance Industries Limited (RIL), India's largest private sector conglomerate.

The cooperation agreement is intended to establish a sustainable framework for concluding specific accords to jointly undertake or participate in the development of oil, gas and other industrial projects of mutual interest in the region's energy sector, including upstream development, midstream pipelines and related facilities, as well as downstream industrial and petrochemical projects.

The agreement was signed in a ceremony held at Crescent 's headquarters in Sharjah by Badr Jafar, Executive Director at Crescent Petroleum , and Atul Chandra, President of Petroleum International Business at Reliance Industries and Director of Reliance E&P.

Badr Jafar commented, "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."

"Pursuant to this agreement the two companies will evaluate and discuss any and all projects that are consistent with each company's objectives," Jafar added.

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

Cooperation prospects between the two companies are likely to include oil- and gas-related upstream and midstream projects, as well as industrial and petrochemical projects within the framework of Gas Cities LLC, a proprietary concept developed by Crescent with its partner company Dana Gas. The vision of Gas Cities is to develop private-sector-driven, state-of-the-art, integrated industrial communities relying on natural gas as fuel and feedstock, thereby maximizing the economic benefit of gas beyond what is achievable through the export of gas.

-Ends-

About Crescent Petroleum
Headquartered in Sharjah in the UAE and with offices worldwide, Crescent Petroleum has been an operator in the exploration and production sector of the petroleum industry for 40 years, in countries across the Middle East and internationally including the UAE, Egypt, Yemen, Iraq, Pakistan, Montenegro, Argentina, France, the United States of America, and Canada. Crescent Petroleum is also the largest private shareholder in Dana Gas, the Middle East's first and largest regional private-sector natural gas company.

About Reliance Industries Ltd
Reliance Industries Limited (RIL) is the first and only private sector company from India to feature on the Fortune Global 500 list of ''World's Largest Corporations", and ranks amongst the world's Top 200 companies in term of profits and also features in the Forbes Global list of the world's 400 best big companies.

For more information, please contact:
Wajih Halawa
SAHARA Communications
Tel: +971-4-329 8996
Tel: +971-50-240 3357
Email: wajih@saharagcc.com

© Press Release 2008


© Copyright Zawya. All Rights Reserved.


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