BP and Rosneft to launch joint project

Rosneft, the Russian oil company, and BP, the transnational oil and gas company, agreed to implement a joint project to develop the Kharampur and Festival oil and gas fields in the Yamal-Nenets Autonomous District with total geological reserves of over 880 billion cubic meters of gas. The project is planned for 2020. In the project, British Petroleum will receive a stake of 49%. Negotiations on cooperation were started in December last year, and the transaction is expected to be closed after all necessary agreements have been received.

Since the beginning of the week, BP shares have risen by almost 1% and will continue their positive movement based on the news. Trading will be available during the European session, from 08:15 to 15:30 GMT.

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