Rosneft may sell a stake in its upstream project to an Indonesian company

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One of the Russia’s largest oil producing companies Rosneft is expanding cooperation with an Indonesian state-owned company Pertamina. According to an official statement, published by Rosneft Tuesday, its Indonesian partner may purchase up to a 20% stake in the North Chayvo oil field offshore Sakhalin in the North Pacific. The two companies are already working jointly at Rosneft's Russkoye onshore field in northern Siberia.

It is also said in the statement that Rosneft and Pertamina signed a Memorandum of Understanding which allows the Indonesian company to buy up to a 37.5-percent interest in the Russkoye field in northern Siberia, near Rosneft's Vankor project, the biggest oil-producing field in East Siberia.

Igor Sechin, CEO of Rosneft, after his visit to Indonesia expressed his hope that the agreements with  Pertamina “will allow Rosneft to attract a new international partner to the development of the capital-extensive project in Russia.” In September the Russian company inked a similar agreement with the Chinese Sinopec.