Published by Global Banking & Finance Review®
Posted on December 10, 2025
1 min readLast updated: January 20, 2026
Add as preferred source on GoogleShell plans to dissolve its joint venture with Rosneft, affecting its stake in the Caspian Pipeline Consortium amid U.S. sanctions on Rosneft.
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)
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing profits, losses, and control.
The Caspian Pipeline Consortium is a major oil pipeline that transports crude oil from Kazakhstan to the Black Sea, facilitating international oil trade.
A stake in a company refers to the ownership interest or share that an individual or entity holds in that company, often represented as a percentage.
Rosneft is a Russian state-owned oil company, one of the largest producers of oil and gas in the world, involved in exploration, production, and refining.
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