Russian President Vladimir Putin issued a decree on Monday clearing potential deals with Rosneft and Shell’s joint-venture stake in the Caspian Pipeline Consortium (CPC), which exports oil mainly from Kazakhstan.
The decree said it allowed the deals, which may result in changes of ownership, in the CPC by the Rosneft-Shell Caspian Ventures. It did not elaborate.
The venture has a 7.5 per cent stake in the CPC, in which other international majors, such as Chevron and Eni, as well as Russia’s second-largest oil producer, Lukoil, also have shares.
The United States imposed sanctions against Rosneft and Lukoil in October over Russia’s war in Ukraine, forcing Lukoil to declare the sale of its foreign assets. Rosneft has not announced any actions in relation to the sanctions.
CPC is also facing operational challenges, with its Black Sea terminal operating at reduced export capacity following a Ukrainian drone attack that damaged one of its single-point mooring units.
(Reporting by Vladimir Soldatkin Editing by Matthew Lewis)
