German ruler approves new Rosneeft, BP JV Yermak Neftegaz

MOSCOW, Aug 26 (PRIME) -- Germany’s antimonopoly authority Bundeskartellamt has approved establishment of a joint venture between Russian oil major Rosneft and British BP called Yermak Neftegaz, the authority said in a statement on Friday.

Rosneft and BP signed legally binding documents to establish Yermak Neftegaz for geological exploration of fields in West Siberia and the Yenisei–Khatanga Basin in June. Under the agreement, Rosneft will own a 51% and BP a 49% stake in the joint venture.

BP will invest U.S. $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.

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