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Rosneft takes pains over selling stake in its only project in Algeria – media

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Rosneft takes pains over selling stake in its only project in Algeria – media

Rosneft, a Russian oil company, intends to get rid of its stake in the geological surveyance project for the development of 245-South block in Algeria, which includes three fields – Eastern and Western Takuazet, as well as Northern Tessalit, Kommersant newspaper reports, citing sources in the industry.

A share of 60% in the project is owned by a Russian joint enterprise Rosneft-Stroytransgaz, 50% of which belongs to Rosneft, and 40% is owned by the Algerian state-owned Sonatrach.

According to the newspaper, Rosneft is likely to make efforts to sell its stake to the Algerian partner Sonatrach. The Russian company is not interested in just withdrawing from the project, because, in that case, it will lead to multi-million writing-off and forfeit penalty. Gazprom, a Russian gas giant, has already denied to buy the asset.

As a reference, consortium of Rosneft and Stroytansgaz won a tender for the development of the Algerian block as early as 2001. It became the company’s first foreign project outside the former USSR.

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