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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RosinBomb (PK) | USOTC:ROSN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0147 | 0.012 | 0.017 | 0.00 | 21:00:10 |
By Ian Walker
LONDON--Oil majors BP PLC (BP) and Rosneft (ROSN.MZ) said Friday they have signed several production, exploration and refining agreements, strengthening the long term strategic relationship between the two companies.
Under the agreements, BP will buy a 20% share of Taas-Yuryakh Neftegazodobycha from Rosneft, creating a new joint venture in East Siberia. They will also jointly explore an associated area of mutual interest in the region, covering 115,000 square kilometers.
In addition Rosneft and BP have agreed to explore two additional areas in the West Siberian and Yenisey-Khatanga basins covering a combined area of about 260,000 square kilometers, committing them to establish new joint ventures to obtain licenses and perform exploration activities. Any joint ventures will be owned 51% by Rosneft and 49% by BP.
As part of this agreement, Rosneft and BP will also form a joint venture to carry out further appraisal work on the 2009 Rosneft-discovered Baikalovskiy field inside the Yenisey-Khatanga AMI.
"BP will continue to seek attractive investment opportunities to develop Russia's substantial resources, whilst continuing to comply with international sanctions," BP Russia President David Campbell said.
The companies plan to reorganize the German Ruhr Oel GmbH refining joint venture by dividing shares in four refineries and associated infrastructure.
As a result, Rosneft will double its shareholding in the Bayernoil refinery to 25% from 12.5%, MiRO refinery to 24% from 12%, and the PCK Raffinerie to 37.5%, from 18.75%.
BP in exchange will consolidate 100% of the equity of the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie.
"This agreement demonstrates Rosneft's shift to a fundamentally new level of operations in Western Europe and confirms the Company's commitment to the creation of the most efficient marketing structure, aimed at the creation of additional value for our shareholders," Rosneft Management Board Chairman Igor Sechin said.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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