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BP-Rosneft deal on joint venture may be closed before yearend

September 27, 20:08 UTC+3 LONDON
On September 14, Russia’s Federal Antimonopoly Service approved BP’s request to buy a 49% stake of the Yermak Neftegaz joint venture
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LONDON, September 27. /TASS/. The deal between BP and Rosneft on creation of the Yermak joint venture may be closed before the end of the year, President of BP Russia David Campbell told reporters on the sidelines of the Russian-British forum.

"It does not depend on us. It depends on the government and regulators. But I would hope that we will close the deal before the end of this year," he said.

On September 14, Russia’s Federal Antimonopoly Service (FAS) approved BP’s request to buy a 49% stake of the Yermak Neftegaz joint venture.

Rosneft will own 51% in the joint venture. Earlier the antimonopoly regulator in Germany approved the acquisition of the stake in Yermak Neftegaz by BP.

In June, at the St. Petersburg International Economic Forum Rosneft and BP signed a legally binding agreement on creation of a joint venture to develop promising resources in Eastern and Western Siberia. BP is to allocate $300 mln in two tranches as its contribution to the financing of the joint venture on the stage of geological explorations. The joint venture will conduct geological explorations on the total area of about 260,000 square km.

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