Russia's largest oil company Rosneft has broken off talks with LUKoil to buy its stake in the Caspian Pipeline Consortium (CPC), LUkoil Vice President Leonid Fedun said on Wednesday.
Rosneft, which currently controls 3.83 percent of CPC via Rosneft-Shell Caspian Ventures Limited, a joint venture with Shell, previously said it was holding negotiations with LUKoil on the acquisition of 5.6 percent in CPC.
Rosneft and LUKoil signed an agreement on Rosneft's possible acquisition of a 46 percent stake in Lukarco company, which holds 12.5 percent of CPC and is wholly owned by LUKoil, Russian business newspaper Kommersant said In June, quoting a source familiar with the document.
The Caspian Pipeline Consortium whose 1,500 km-long oil pipeline links west Kazakhstan's deposits with Russia's Black Sea coast is the largest oil transportation route from the Caspian region to world markets.
Rosneft halts talks with LUKoil on buying Caspian Oil Consortium stake
Source : RIA Novosti