PRESS: Rosneft, Neftegazholding may sell 15–20% in Vostok Oil

MOSCOW, Oct 10 (PRIME) -- Russian oil major Rosneft and Neftegazholding of Eduard Khudainatov may sell 15–20% in the Arctic oil project Vostok Oil after it receives tax exemptions, Vedomosti business daily reported on Thursday quoting sources.

Vostok Oil may unite the Payakha field of Neftegazholding and Lodochnoye, Tagulskoye, Vankor, and other fields of Rosneft located in the eastern part of the Taimyr Peninsula, as well as its joint project with BP Yermak Neftegaz.

Three sources told Vedomosti that the companies may sell 15–20% in their joint project, while a government official put the stake at less than 40%.

In August, Indian Petroleum, Natural Gas, and Steel Minister Dharmendra Pradhan said that Indian companies were interested in the project. A source also told Vedomosti that the project’s partners offered a stake in it to Chinese investors.

A source said that preliminary negotiations were already held with possible investors, but the structure of the deal will be discussed only after the situation with tax exemptions for Vostok Oil becomes clear, as development of the fields is unreasonable without tax preferences, a source said.

Rosneft and Neftegazholding declined to comment, while the Energy and Finance ministries did not respond to Vedomosti.

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