BP to Pay Rosneft $750 Million for Part of Siberian Oilfield
This article is for subscribers only.
BP Plc will pay OAO Rosneft $750 million for a stake in an East Siberian oil producer, following Royal Dutch Shell Plc’s plans to expand a natural gas export project in Russia.
BP will take a 20 percent stake in Taas-Yuriakh Neftegazodobycha LLC in Russia’s Far East, according to statements from Rosneft and BP. The companies will also jointly explore areas in Siberia and, if successful, form a venture with Rosneft holding 51 percent. Holdings in their German refineries will be reorganized as well, the partners said.