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Newest Texas oil field is in Soviet Union. (Texneft-Tatneft joint venture) (company profile)
Newest Texas oil field is in the Soviet Union
A San Antonio energy company is awaiting final approval from the Soviet Ministry of Finance for a deal it initiated for oil recovery in the Tatar region of the Soviet Union.
The venture, started by Don Ellison, president of local Core Resources Inc., will involve an initial investment of about $3.2 million in capital expenditures from the Western partners for equipment and its installation in the Soviet Union.
Despite the fact that the ruble is, virtually worthless on the world market, Ellison expects a strong return on the investment - a cut of the hard currency profits that the oil-rich region brings in through its exports of petroleum products.
"I have high hopes and think the possibility exists for further development," …
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Magazine article from: Canadian Business Review
Gibson, Simon J.
June 22, 1990
700+ words
