ROSNEFT AND GAZPROM NEFT LET FOREIGN INVESTORS ENTER ARCTIC PROJECTS

SOURCE: KREMLIN.RU

19 November 2020 ROSNEFT AND GAZPROM NEFT LET FOREIGN INVESTORS ENTER ARCTIC PROJECTS

Russian oil firms are desperate for money – and even more technology – to exploit oil-rich deposits in the country’s Far North, a situation that pushes them to look for foreign partners to invest in Arctic mining projects. Recent days brought such moves from two of Russia’s largest energy companies: Rosneft and Gazprom Neft.

The former energy giant chose to whom it would sell shares in its Vostok Oil project. Although Russia’s biggest oil company has long been in talks with India and Britain’s BP, it decided to sign the deal with Singaporebased oil trader Trafigura for its Arctic project. On November 16, Rosneft’s board of directors approved its inclusion in the project to buy a ten percent stake in the venture. It also got the green light from Russia’s government commission for control over foreign investments. The price for the acquisition is