LONDON, Dec 10 (Reuters) - Shell wants to dissolve a joint venture with Russia's Rosneft, through which the London-listed group holds part of its stake in the Caspian Pipeline Consortium, a source
Shell Plans to End Rosneft JV, Retain CPC Stake
LONDON, Dec 10 (Reuters) - Shell wants to dissolve a joint venture with Russia's Rosneft, through which the London-listed group holds part of its stake in the Caspian Pipeline Consortium, a source with direct knowledge of the matter said on Wednesday.
The United States imposed sanctions on Rosneft in October over Russia's war in Ukraine. Russian President Vladimir Putin issued a decree on Monday clearing potential deals with Rosneft and Shell's joint-venture stake in the CPC, which exports oil mainly from Kazakhstan.
Shell holds a total of around 7.4% in the CPC via three entities, one of which is the Rosneft-Shell Caspian Ventures vehicle. The vehicle itself holds 7.5% of the CPC, and Shell owns around half of the vehicle, amounting to a roughly 3.7% stake.
Shell wants to maintain the size of its overall stake in the CPC, the source added.
(Reporting by Shadia Nasralla; Editing by Kirsten Donovan)
