PRESS: Rosneft, Eni coop on shelf in trouble amid US sanctions

MOSCOW, May 14 (PRIME) -- Oil major Rosneft and Italy’s Eni have suspended work of their joint ventures on the Russian shelf because of financing problem stemming from the U.S. sanctions, business daily Kommersant reported on Monday, citing sources in the industry.

According to the newspaper, Eni is Rosneft’s last large European partner on the shelf. The companies agreed in 2012 to explore and develop the Tsentralno-Barentsevskoye and the Fedynskoye blocks in the Barents Sea and the Zapadno-Chernomorskoye area in the Black Sea. Investments in the joint ventures have reached U.S. $269 million.

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