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

ST PETERSBURG, Russia, June 17 (Reuters) - BP andRosneft signed a deal on Friday to create an oilexploration joint venture in Russia in which BP plans to investup to $300 million, according to the companies' statement.

Rosneft will contribute its licences and productionfacilities to the venture. The Russian company's subsidiarieswill 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 dueto start next winter. (Reporting by Olesya Astakhova; writing bu Vladimir Soldatkin;editing by Maria Kiselyova)