BP to invest up to $300 million in Russian exploration JV with Rosneft

A BP logo is reflected in a car window at a petrol station in London January 15, 2015. REUTERS/Luke MacGregor

ST PETERSBURG, Russia (Reuters) - BP BP.L and Rosneft ROSN.MM signed a deal on Friday to create an oil exploration joint venture in Russia in which BP plans to invest up to $300 million (210.44 million pounds), according to the companies' statement.

Rosneft will contribute its licences and production facilities to the venture. The Russian company’s subsidiaries will drill first wells at its deposits in West and East Siberia.

Rosneft will have a 51 percent stake in the Yermak venture, while BP will control 49 percent. The exploration works are due to start next winter.

Reporting by Olesya Astakhova; writing bu Vladimir Soldatkin; editing by Maria Kiselyova