Published by Global Banking and Finance Review
Posted on December 8, 2025
1 min readLast updated: January 20, 2026
Putin's decree allows Rosneft and Shell's joint-venture stake changes in the Caspian Pipeline Consortium, affecting oil exports.
MOSCOW, Dec 8 (Reuters) - Russian President Vladimir Putin issued a decree on Monday clearing potential deals with Rosneft and Shell's joint-venture stake in the Caspian Pipeline Consortium, which exports oil mainly from Kazakhstan.
The decree said it allowed the deals, which may result in changes of ownership, in the CPC by the Rosneft-Shell Caspian Ventures Limited. It did not elaborate.
The venture has a 7.5% stake in the CPC, in which other international majors, such as Chevron and Eni, as well as Russia's second-largest oil producer, Lukoil, also have shares.
The United States imposed sanctions against Rosneft and Lukoil in October over Russia's war in Ukraine, forcing Lukoil to declare the sale of its foreign assets.
Rosneft has not announced any actions in relation to the sanctions.
(Reporting by Vladimir SoldatkinEditing by Matthew Lewis)
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 exports to international markets.
Rosneft is a Russian state-owned oil company, one of the largest in the world, involved in the exploration, production, and refining of oil and gas.
Shell is a global group of energy and petrochemical companies, known for its involvement in oil and gas exploration, production, refining, and marketing.
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