Published: August 6, 2012
Russian oil and gas groups agree new partnership.
Rosneft has agreed to form a joint venture with fellow Russian oil and gas group Itera to produce and sell gas.
Rosneft takes a 51% in the JV in exchange for US$173.4mn and a 100% stake in the charter capital of project company Kynsko-Chaselskoye Neftegaz.
Announcing the deal, Rosneft’s president, Igor Sechin, said: “Combining the gas assets of the two companies into a joint venture opens up new opportunities to monetize gas and ensure the implementation of Rosneft’s strategic programme to begin developing sizeable gas reserves.”