OREANDA-NEWS. September 18, 2012. Gazprombank and NewTech Services have announced completion of a transaction resulting in GPB investing into the share capital of NewTech Services which specializes in providing high-tech oilfield services.

Proceeds from the transaction will be invested in boosting the development of NewTech Services, in particular into acquisition of modern oilfield equipment or arrangement of its production on the basis of most advanced domestic and foreign technologies. The investment will significantly expand the range of oilfield services offered by the company.

The Parties are targeting the oilfield services growth potential in Russia and CIS. NewTech Services is ready to offer the most up-to-date oilfield technologies to meet the growing demand for new oilfields developments.

"Consolidation of experience and expertise of the NewTech Services team capable of bringing in modern technologies for the development of the company amplified by the financial capacities of Gazprombank will enable us to get significant synergistic effect from our partnership," - said Andrei Kormilitsin, Vice President - Head of Direct Investments Department of Gazprombank.

"This deal will give a new impetus to the ongoing development of the company’s business and enable it in the nearest future to become one of the leading players in the market of high-tech oilfield services in Russia and the CIS" - assured Mark Sadykhov, President of NewTech Services.