Rosneft: bruised but not beaten
The loss of a valuable US partner has shaken Rosneft, but it's sticking to its expansion plans and global investment strategy
Rosneft is on the backfoot after US sanctions on Russia forced ExxonMobil to abandon their joint venture in Siberia, while a deal to sell a stake to a Chinese investor may have hit the rocks after an arrest. Shares in Russia's oil champion tanked by as much as 5% in the three days after 28 February when Exxon announced that it was abandoning drilling ventures with Rosneft because of expanded US sanctions. That body blow was followed a day later by news that CEFC China Energy chairman Ye Jianming was being investigated for suspected financial crimes. The case jeopardises the Chinese group's $9bn acquisition of a 14% stake in Rosneft. While the CEFC deal may still be completed, the Exxon withd
Also in this section
4 December 2024
Associated gas from legacy oil basins could offer a new lease of life to wobbling shale gas production and cement US powerhouse status
3 December 2024
Papua New Guinea’s LNG sector appears to be back on track, with other projects in the pipeline
2 December 2024
Crucial role of gas means country is laying the foundations to control physical and trading supply chains
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
