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2006 November 23   08:06

Rosneft and BP sign shareholder agreements

Rosneft and BP have signed shareholder agreements with regard to the Sakhalin-4 and Sakhalin-5 projects, Rosneft's press office has reported according to RBC. The shares of Rosneft and BP in these projects are 51 and 49 percent respectively. The projects would be operated by Elvari Neftegaz, a joint venture set up in Sakhalin in 2003.

It is presumed, that BP will finance exploration on Sakhalin-4 fields until they are put into production. Rosneft will compensate BP for the expenses with its share in the revenue.

The press office also noted that creation of a joint infrastructure for oil production and transportation will help bring down capital costs.

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