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New ventures shape up for Russian projects.
The foreign presence in the Soviet oil industry is destined to grow as a result of ventures by Canadian, British, and French companies.
Gulf Canada Resources Ltd., Calgary, last week disclosed the government of the Russian republic has granted approvals necessary to enable Gulf Canada and British Gas plc's KomiArcticOil joint venture to begin production operations immediately.
The approvals follow the registration of KomiArcticOil by the Minister of Finance of the Russian Federation in November, at which time it became a legally constituted independent company in Russia.
Canadian Fracmaster Ltd , also of Calgary, disclosed plans to spend $75-100 million on three new joint venture production deals in the Russian republic in 1992.
The company, which stimulates wells in western Siberia in return for a …
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