Finance
Shell wants to dissolve Rosneft JV through which it holds CPC stake, source says
Shell wants to dissolve Rosneft JV through which it holds CPC stake, source says
Published by Global Banking and Finance Review
Posted on December 10, 2025
LONDON, Dec 10 (Reuters) - Shell wants to dissolve a joint venture with Russia's Rosneft, through which the London-listed group holds part of its stake in the Caspian Pipeline Consortium, a source with direct knowledge of the matter said on Wednesday.
The United States imposed sanctions on Rosneft in October over Russia's war in Ukraine. Russian President Vladimir Putin issued a decree on Monday clearing potential deals with Rosneft and Shell's joint-venture stake in the CPC, which exports oil mainly from Kazakhstan.
Shell holds a total of around 7.4% in the CPC via three entities, one of which is the Rosneft-Shell Caspian Ventures vehicle. The vehicle itself holds 7.5% of the CPC, and Shell owns around half of the vehicle, amounting to a roughly 3.7% stake.
Shell wants to maintain the size of its overall stake in the CPC, the source added.
(Reporting by Shadia Nasralla; Editing by Kirsten Donovan)
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