Italian Eni has frozen a joint project with Rosneft, a Russian oil company, that has been implemented on the Black Sea shelf, RBC news agency reports on Friday citing its sources.
On March 1, the US company ExxonMobil also said that it would withdraw from joint ventures with Rosneft on the development of Russia’s shelf.
According to RBC’s sources, Rosneft's exploration work on the Val Shatsky site in the Black Sea has been halted for the duration of the sanctions imposed by the Western countries, until the necessary equipment is available.
The exploration of this section in the Black Sea was financed and carried out by Rosneft’s foreign partner — the Italian Eni. They have a joint venture where the Russian company owns 66.67% of shares while Italians have a 33.33% stake.
Now, Eni notified Rosneft of the temporary halt of their cooperation on this project amid the US sanctions.