Baku. 9 January. REPORT.AZ/ Russian Rosneft company intends to give up its stake in the geological exploration project on development of "245-South" block of East Takuazet, West Takuazet and North Tesselit fields in Algeria.
Report informs citing Kommersant.
Rosneft's Rosneft-Stroytransgaz Joint Venture with 50% stake (JV) owns 60% in the project, while Algerian Sonatrach state oil company 40%.
According to the newspaper, leaving the project may led to multi-million write-off and penalty, therefore, Rosneft most likely will sell its stake in the project to its partner Sonatrach.
Gazprom has already refused to purchase the asset.