The Zarit closed company founded by Russia's Rosneft and Zarubezhneft companies, the Itera international group of companies, and the state-owned concern Turkmenneft plan to sign a Production Sharing Agreement (PSA) in early July 2004 with the Government of Turkmenistan. The agreement implies the development of blocks 29, 30 and 31 located on Turkmenistan's Caspian shelf.
According to sources in the Turkmen Government, the PSA has been drafted over the past eighteen months by all the parties involved, including Turkmen experts.
Russian companies believe that the PSA signing will boost further expansion of the Russian-Turkmen cooperation, particularly in the oil and gas sector.
The Zarit joint venture was set up in 2002 specifically to develop oil fields on Turkmenistan's Caspian shelf.