Rosneft Consolidates Offshore Projects Into Single Holding - Spokesperson

MOSCOW (Pakistan Point News / Sputnik - 28th May, 2020) Russian oil giant Rosneft consolidates its offshore projects into a single holding, in particular, the process has been launched for such companies as Rosneft-Sakhalin, RN-Shelf-Arctic, and RN-Shelf-Far East, according to the company's spokesperson.

In the first quarter, Rosneft reduced the direct ownership interest in the three aforementioned subsidiaries. The spokesperson explained to Sputnik that the company is currently in the process of consolidating offshore assets as part of the formation of an exploration and production subholding.

"The transition to a holding management structure is one of the goals of implementing the Rosneft 2022 strategy. The company is currently in the process of forming Exploration and Production subholding. As part of this initiative, consolidation of core assets, including offshore block enterprises, is ongoing. The holding structure will allow the company to increase business efficiency, as well as the quality and efficiency of managing its structural units," he said.

It is noteworthy that Rosneft transferred its subsidiary RN Holding from Tyumen to Moscow in the first quarter.