Russia's Rosneft, Anglo-Dutch Shell ink strategic partner deal

Deals

Russia's state-controlled oil company Rosneft said Monday it had signed a strategic partnership agreement with Royal Dutch Shell on the prospective implementation of joint oil and gas projects. 

Under the deal signed July 6 in Moscow, Rosneft and Shell plan to carry out joint geological surveys, and produce, refine and sell hydrocarbons. The deal formulates the basic principles for a strategic partnership and creates a basis for the companies' long-term cooperation in Russia and abroad, Rosneft said. “Russia is a strategic growth area for Shell, and we are committed to developing our business in cooperation with Russian companies across the entire range of the energy business. Shell, with its global experience of applying technologies in an integrated way, will complement Rosneft's strengths and experience on the Russian market,” Shell's CEO Jeroen van der Veer said.

Royal Dutch Shell holds a 27.5% stake in the Sakhalin II oil and gas project off Russia's Pacific Coast. The $20 billion project led by Russian energy giant Gazprom is developing the Piltun-Astokhskoye and Lunskoye oil and gas fields, with recoverable reserves of 150 million metric tons (1.1 billion barrels) of oil and 500 billion cubic meters of gas. (rian.ru)

 

ADVERTISEMENT

Industries lose billions on counterfeit products Analysis

Industries lose billions on counterfeit products

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.