Shell Seeks to Keep Its CPC Stake While Cutting Out Russian Co-Ownership — Reuters

Shell plans to unwind its joint venture with Rosneft, the structure through which it holds part of its stake in the Caspian Pipeline Consortium (CPC), a source familiar with the situation told Reuters, Orda.kz reports.

According to the report, Shell controls about 7.4% of the consortium through three entities, including Rosneft-Shell Caspian Ventures. That company holds 7.5% of CPC, and Shell’s share within the joint venture is roughly half, around 3.7%.

The move follows tightening US sanctions: Washington imposed new restrictions on Rosneft in October, and shortly afterward, Vladimir Putin signed a decree authorizing transactions involving the joint venture’s stake.

Earlier, it was reported that the US issued waivers for the Caspian Pipeline Consortium, Tengizchevroil, and the Karachaganak project — allowing oil-related transactions but banning transfers or sales of equity stakes.

The developments come amid repeated Ukrainian drone strikes on the CPC terminal in Novorossiysk.

The consortium said the attacks hit civilian infrastructure, while Kazakhstan formally protested to Ukraine.

Original Author: Ruslan Loginov