Germany approves new Rosneft, BP JV Yermak NeftegazStaff Writer | August 27, 2016
Germany’s antimonopoly authority Bundeskartellamt has approved establishment of a joint venture between Russian oil major Rosneft and British BP called Yermak Neftegaz.
Energy BP will invest $300 million in JV
Under the agreement, Rosneft will own a 51% and BP a 49% stake in the joint venture.
BP will invest $300 million in two stages to finance geologic exploration and Rosneft will contribute licenses and facilities. The first wells will be drilled by affiliates of Rosneft.
The Russian antitrust prolonged the consideration of clearance of the joint venture establishment on August 5. ■