BP, Rosneft Postpone Joint Venture Amid Sanctions
Senior official at the Russian branch of BP stated that western sanctions against Russia have caused oil giants British Petroleum and Rosneft to announce the postponement of a joint venture to extract hard-to-recover hydrocarbon reserves in Russia.
"We have signed with Rosneft a memorandum of understanding of joint venture establishment by the end of last year, which was to undertake the development of unconventional oil resources… In that aspect, sanctions have changed a lot of things, and the establishment of our joint venture is postponed," Vice-President for External Relations of the Russian Branch of BP, Vladimir Drebentsov, said at the Gaidar forum.
The United States and the European Union, as well as their allies, imposed sanctions against Moscow over the Ukrainian crisis, and Crimea's reunification with Russia. As a result, Russian oil and gas sectors have been affected. Financial sanctions were imposed on Rosneft, Gazprom Neft and Novatek. Rosneft, Gazprom, Gazprom Neft, Lukoil and Surgutneftgaz were affected by technological sanctions.
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- January 15, 2015
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