Rosneft, Mubadala Discuss Joint Venture

Rosneft, Mubadala Discuss Joint Venture

Russia’s Rosneft, the world’s top listed oil company by output, is in talks with the UAE’s Mubadala Petroleum to jointly develop two east Siberian projects, Tass Yuriakh and Verkhnechonskoye, the Kremlin said on Monday. The Kremlin did not give any further details in a statement ahead of Russian President Vladimir Putin’s meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan due on Tuesday, Gulfbusiness reported. Combined production at both assets stood at around 9 million tons last year, according to the Russian Energy Ministry, compared to 4.1 million barrels per day for Rosneft in total.  Rosneft has been in talks in recent years on selling stakes in some of its largest assets, including the Vankor field in east Siberia. In June, Rosneft agreed to sell a 20% stake in Tass Yuriakh to its shareholder BP.


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