BP, Rosneft create exploration entity
Russia BP has earmarked USD 300 million for investment in the so-called Yermak venture, in which it will hold a 49% stake. Rosneft, which will contribute licences and infrastructure, will hold 51%. Drilling work in eastern and western Siberia will be carried out by Rosneft subsidiaries.
Also on Friday, BP chief executive Bob Dudley said the company would not be snapping up Saudi Aramco shares in the event of an initial public offering. “It’s unlikely we would be a financial investor in Saudi Aramco,” he said in St. Petersburg.
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