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. Last Updated: 07/27/2016

Texaco Spurns Sakhalin

HOUSTON -- Texaco Inc. said Thursday it had turned down an opportunity to join the Sakhalin I consortium that plans to develop a major offshore gas field near the Russian island.

"We evaluated the Sakhalin I opportunity, but on the basis of the thorough review that we conducted we have declined involvement," Texaco spokesman Paul Weeditz said.

Prime Tass said Wednesday that Rosneft was seeking to sell part of its 40 percent stake to Texaco.

But Rosneft president Sergei Bogdanchikov would neither confirm nor deny this.