Rosneft (ROSN.MM), Russia's biggest crude oil producer, may back out of a deal to buy Morgan Stanley (MS.N)'s oil trading unit because Western sanctions make it virtually impossible to finance day-to-day operations, three sources close to the state-controlled company said.
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Exxon Mobil said on Friday it will wind down drilling in Russia's Arctic in the face of U.S. sanctions targeting Western cooperation with Moscow's oil sector, after the Obama administration granted a brief extension to safely mothball its operations.
Russia risks slipping into recession because the government is not investing enough in the economy to weather Western sanctions, former finance minister Alexei Kudrin said on Tuesday, criticizing the strategy so far.
The Kremlin's prized oil firm Rosneft is cutting staff and production and selling stakes in Siberian fields in the strongest evidence to date that Western sanctions are hurting what was the world's fastest growing oil firm in recent years.
The European Union slapped new economic sanctions on Russia on Friday, but said they could be suspended if Moscow withdraws its troops from Ukraine and observes a ceasefire.
The Institute of International Finance warned on Friday that further sanctions on Russia would have a "broader chilling effect on Russia" and its companies who are already largely excluded from raising foreign capital.
Russia's top oil producer has been planning to sell more than 2 million metric ton of crude oil to state-controlled BP in a deal valued more than $1.15 billion and was approved by the company's board.
Russian oil producer Rosneft said on Friday that it does not have any plans to make strategic acquisitions after agreeing to acquire Morgan Stanley's oil trading unit last week.
Wall Street lender Morgan Stanley has divested a major portion of its worldwide physical oil trading business to Rosneft, Russia's state-run oil company, Reuters reported.
Russia's No. 2 oil producer Lukoil is looking to put up for sale its 20% stake in a Russian consortium developing a large oil project in Venezuela. Lukoil is in talks with international players after Rosneft offered a price lower than what Lukoil had asked.
Russia's state-run oil firm Rosneft is looking to acquire Morgan Stanley's oil trading business for an unspecified amount. Morgan Stanley has been trying to sell or spin off the said business unit over a year ago.
Three financial sources said Russia-based oil firm Bashneft selected Morgan Stanley, Sberbank, and Barclays as global coordinators for the company's planned secondary listing in London.
The following bids, mergers, acquisitions and disposals were reported on Tuesday including Nokia, IntercontinentalExchange Group, Goldman Sachs and others.
The following bids, mergers, acquisitions and disposals were reported on Tuesday.
Rosneft Chief Executive Igor Sechin to President Vladimir Putin revealed plans of the oil company to acquire the government's 20% stake in Novorossiisk Commercial Sea Port (NCSP).
