Russia’s Rosneft in talks with UAE’s Mubadala on east Siberian fields – Kremlin

Russia’s Rosneft, the world’s top listed oil company by output, is in talks with the UAE’s Mubadala Petroleum to jointly develop two east Siberian projects, Tass Yuriakh and Verkhnechonskoye, the Kremlin said on Monday.

The Kremlin did not give any further details in a statement ahead of President Vladimir Putin’s meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan due on Tuesday.

Combined production at both assets stood at around nine million tonnes last year, according to the Russian Energy Ministry, compared to 205 million tonnes (4.1 million barrels per day) for Rosneft in total. Rosneft became the world’s top listed oil firm by output after buying its peer TNK-BP for $55bn in 2013.

Rosneft has been in talks in recent years on selling stakes in some of its largest assets, including the Vankor field in east Siberia. In June, Rosneft agreed to sell a 20 per cent stake in Tass Yuriakh to its shareholder BP.

Putin and the crown prince, who is deputy chief commander of the United Arab Emirates armed forces, will also discuss Syria and Iraq, where Islamic State of Iraq and Levant controls large swathes of land.

The conflict in Syria and countering the radical jihadist group will also be on the agenda when Putin meets King Abdullah of Jordan on Tuesday, the Kremlin said in a separate statement.