Russian President Vladimir Putin has approved the creation of a state-owned oil exploration drilling corporation that will replace Western oil service companies forced to reduce operations in Russia by sanctions on Moscow over Ukraine, a news report said on Oct. 13.
Ukraine's Energy Challenge
The Moscow Times: Russia plans giant state oil services company to replace Western firms
A logo of the Russian Transneft oil transporting joint stock company is pictured at the entrance of the management company in Moscow, on Jan. 8, 2006.
