BP, Rosneft Sign Deal to Supply Natural Gas to Europe
June 02 2017 - 6:27AM
Dow Jones News
By Ian Walker
LONDON--BP PLC (BP.LN) has signed a preliminary agreement to
supply natural gas from Rosneft Oil Co. (ROSN.MZ) within Europe,
plus a deal to jointly implement gas projects in Russia, it said
Friday.
Under a memorandum of understanding, BP's wholly-owned
subsidiary BP Gas Marketing Ltd. will enter into a long-term sale
and purchase agreement with Rosneft to deliver additional Russian
gas supplies to Europe, starting from 2019.
BP Russia President David Campbell said shifting to gas was a
pillar of his company's strategy.
"Gas is a growing proportion of BP's portfolio and by the middle
of the next decade we expect around 60% of our production to be
gas, compared with around 50% Friday," he said.
BP is Rosneft's second-biggest shareholder after the Russian
government, with a near-20% stake in the Russian oil major.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
June 02, 2017 07:12 ET (11:12 GMT)
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