Rosneft to create joint venture with BP in Siberia

Cooperation of Rosneft and BP in projects in the Arctic can get the ball rolling. At the St. Petersburg Economic Forum, the partners will sign an agreement on the establishment of joint venture Ermak, which will study the perspective from the point of view of the oil companies sites in the regions of Western Siberia and in the Yenisei-Khatanga Basin. Rosneft estimates the minimum investment at $300 million. In addition, in the course of the event, Rosneft signed a long term contract to supply oil to Vietnam and extended the agreement on deliveries to the Czech Republic.

Rosneft and BP will create the joint venture Ermak, in which $300 million will be invested only in the analysis of geological information and geological exploration. This was stated during the SPIEF by head of the Russian oil company Igor Sechin. According to the Kommersant’s information, the agreement will be formalized in the days of the Forum and involves the work on the areas, which are in the zone of mutual interest of the partners. Rosneft, BP and the Russian Ministry of Natural Resources declined to comment.