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Shell: Looking At Opportunities In Russia With Rosneft

MARCH 25, 2011

By Alexis Flynn Of DOW JONES NEWSWIRES

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSA) said Friday it is examining strategic opportunities in Russia, including some with state-run Russian oil company OAO Rosneft (ROSN.RS), but it declined to comment on a report that it had offered to work with Rosneft in the Arctic shelf in the last three months.

The story, in Friday’s Vedomosti, comes in the wake of an arbitration ruling late Thursday that blocks rival BP PLC’s (BP) own Arctic exploration deal with Rosneft.

“We view different opportunities in Russia [to BP] with Russian national oil companies, including Rosneft and Gazprom (GAZP.RS),” a Shell spokeswoman told Dow Jones Newswires.

Local news agency Mediafax reported March 23, citing a Rosneft source, that the firm had received a host of cooperation offers from companies including Shell, and that it was in talks with the company.

Shell’s spokeswoman said the company had a relationship with Rosneft stretching back to 2007 and it would be open to further opportunities with the Russian firm should they arise.

-By Alexis Flynn, Dow Jones Newswires; +44 207842 9471, [email protected]

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