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The project would be 45 percent owned by Rosneft and 55 percent owned by Pertamina.

In 2015. Schlumberger agreed to buy 45.65 percent of EDC for $1.7 billion. but the deal fell through after the Russian anti-monopoly repeatedly postponed its approval.

Russia’s publicly traded oil producers. both state-led and non-state. have voluntarily reduced output in order to support prices.

Rosneft also signed a contract with CEFC for Russia to increase direct supplies of crude oil to China.

Petrobras is the world’s most indebted oil producer and has been forced to sell assets and slash spending.

The company said it began initial restart of the 560.500 barrel per day (bpd) Baytown refinery on Friday night.

Iran is aiming to raise oil output to around 4 million bpd by the end of the year from around 3.8 million bpd in recent months.

In July. Petronas scrapped a proposed C$36 billion ($29 billion) liquefied natural gas project in western Canada due to weak prices. in a blow to its global ambition.

The Edradour and Glenlivet development is near the French oil and gas giant’s existing Laggan-Tormore fields which started production in February 2016.

Several Russian banks are already subject to U.S. and European Union sanctions.