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Rosneft intends to sell its stake in only Algeria project

Rosneft intends to sell its stake in only Algeria project
Leaving project may led to multi-million write-off and penalty

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.

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