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    A sign at the entrance to the Rosneft oil and gas company building in the Sofia Embankment in Moscow

    Russia’s Rosneft, British BP Nearing $700 Mln Deal – Reports

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    The European Union’s sanctions against Russia are failing to impede cooperation between Russian and European energy giants, as the United Kingdom’s oil and gas company BP and Russia’s state owned Rosneft are close to agreeing a multi-million dollar deal, Financial Times reported Sunday citing unnamed sources.

    MOSCOW (Sputnik) — According to the newspaper, Italian multinational energy giant Eni and Norwegian oil and gas company Statoil have both received approvals from their governments to continue working on their joint ventures with Rosneft while Royal Dutch Shell is continuing to cooperate actively with Russia’s Gazprom Neft.

    The sign of a Rosneft gas station in Moscow
    © Sputnik / Grigory Sysoev
    The sign of a Rosneft gas station in Moscow

    "BP is close to agreeing a deal to acquire a 20 per cent stake in a Siberian oilfield from state-owned Rosneft that could be worth $700m," a source told Financial Times, adding that the agreement could be signed as soon as this week and unveiled during the St. Petersburg International Economic Forum that is to be held on June 18-20.

    According to the Financial Times, this continuing cooperation signifies of "a growing divide between Europe and the US", as Washington prohibited US companies from any cooperation with Russian businesses in Arctic, deepwater and shale oil while the EU sanction policy allows companies with pre-existing contracts to not only continue but even expand their cooperation with Russia.

    Earlier in June, BP CEO Bob Dudley told CNBC that his company remains committed to "remain and work" in Russia and that it plans to explore additional investment opportunities in the country.

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    Rosneft, BP, Russia, United Kingdom
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