Rosneft CEO: Chevron to Exit Joint Black Sea Project

KRASNODAR (Dow Jones Newswires), June 10, 2011

Rosneft is seeking new partners for its Val Shatsky project in the Black Sea because Chevron is likely to leave the block, Eduard Khudainatov, the CEO of the Russian state-owned oil major, said Friday.

"We had some disagreements," said Khudainatov.

When asked whether Rosneft will develop the Val Shatsky block in the Black sea together with Chevron, Khudainatov said: "Obviously not."

"Chevron still wants to work with us on offshore projects. Now we're considering where we will work (together)," he said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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