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. Last Updated: 07/27/2016

Yukos JV Buys Intras

CALGARY, Canada -- Canadian Fracmaster Ltd. said Monday its joint venture with major Russian oil producer Yukos bought oil services firm Intras for an undisclosed sum.


Intras was previously owned solely by Yukos, Russia's second biggest oil producer.


As part of the deal, the joint enterprise, Uganskfracmaster, gets exclusive right to perform oil well stimulation services for Yukos in Russia for 15 years, Fracmaster said.


Fracmaster will also have a preferred right to work for Yukos outside of Russia for 15 years, it said.


"We believe that this strategic acquisition of assets increases our company's growth opportunities with one of Russia's premier oil companies," Fracmaster Chief Executive Lee Margetak said in a statement.