Russia's Gazprom Neft said to cooperate with Saudi Aramco in hard-to-recover oil

Russia’s Gazprom Neft will work with Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest oil exporter, in hard-to-recover oil production.

They will also work on a technology known as hydraulic fracturing, Gazprom Neft chief Alexander Dyukov told Reuters.

Earlier this month, both companies signed an agreement on technological cooperation during King Salman’s visit to Russia.

Gazprom Neft expects its borrowings to rise to at least between $3.5 billion-$3.7 billion next year, he added.