Rosneft proposes Siberian deposits to the United Arab Emirates

Rosneft tries to attract UAE’s Mubadala Petroleum in projects of the Srednebotuobinskoye and Verkhnechonskoye fields development in Eastern Siberia. For the first of them Rosneft has already found a partner ­- British BP, but the share in Verkhnechonskneftegaz as an asset for sale is mentioned for the first time. These are key new projects of Rosneft, and, according to analysts, given the fall in oil prices and high debt load, the company can’t do without serious partners.

Rosneft is in talks with the United Arab Emirates’ investment fund Mubadala Petroleum (a part of the Mubadala group) on participation in two projects in East Siberia, the Kremlin’s press centre reported on the eve of Vladimir Putin's meeting with the Crown Prince of Abu Dhabi Mohammed Al-Nahyan. We are talking about the development of the Srednebotuobinskoye and Verkhnechonskoye fields. Rosneft declined to comment, but the company has reached an agreement with Mubadala Petroleum on strategic cooperation in projects in Eastern Siberia, East Asia and south-east Africa during the St. Petersburg Economic Forum in May 2014.