OREANDA-NEWS  The British-Dutch Shell company confirmed to RIA Novosti its intention to dissolve the joint venture (JV) with the US-sanctioned Rosneft company in the Caspian Pipeline Consortium (CPC) while maintaining its stake in it.

Earlier, Bloomberg, citing sources, reported that the British-Dutch company expects to take direct ownership of its stake in CPC by exiting the joint venture.

The company noted that the joint venture is not an operational unit and has no employees, and its goal is to create a structure that ensures the participation of both parties in the consortium.

They also added that Shell owns shares in CPC through two more of its own companies: BG Overseas Holding with a 2% stake and Oryx Caspian Pipeline with a 1.75% stake. Thus, owning a 3.675% stake through a joint venture with Rosneft, Shell will have a 7.4% stake.

Earlier, Russian President Vladimir Putin allowed the Rosneft and Shell joint venture to make deals with its stake in CPC.