American Schlumberger insists on buying Russian EDC

American Schlumberger filed a new application with the Federal Antimonopoly Service (FAS) of Russia for the purchase of a stake in the Russian oil service company Eurasia Drilling Company (EDC).
This was reported by the head of the FAS Igor Artemyev. "A new petition came two days ago. True, I have not yet seen what is there, but my colleagues are watching now, "Artemyev said in the margins of the final of the contest" Leaders of Russia ".

Schlumberger planned to acquire 51% of EDC shares last year, and the RFPI consortium with Chinese and Middle Eastern funds - 16.1%. But when discussing the deal with Schlumberger, the FAS put forward the condition that in the event of the introduction of new US sanctions against the Russian oil and gas sector, the company will transfer the EDC package to operational management or sell it to the Russian structure. Schlumberger agreed to this condition and began to work with the FAS on legal aspects of the transfer of control.

In July 2017, the deputy head of the Federal Anti-Monopoly Service Andrei Tsyganov said that Schlumberger must file two applications for the acquisition of a stake in the EDC: under the Law on Protection of Competition (135 FZ) and the Law on the Procedure for Foreign Investments (57 FZ). On the first Schlumberger applied in mid-2017 on the second - did not apply until today.

Tsyganov confirmed that the FAS Russia received a petition from Schlumberger regarding the acquisition of shares of Eurasia Drilling Company Limited, filed in accordance with the Law on the Procedure for Foreign Investments (57-FZ). The FAS proceeded to consider it and will soon consider the issue of its transfer to the government commission on foreign investment, he added.

"Schlumberger continues to carry out active actions aimed at completing the acquisition of shares of Eurasia Drilling Company Limited," said Tsyganov. He added that Schlumberger sent proposals that take into account the comments of the FAS on certain conditions of the transaction.

Schlumberger planned to buy 46% in EDC in 2015, but then refused such terms of the deal.