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Rosneft acquires stake in Arctic gas project

26th September 2013

Rosneft sees way into Arctic gas project after purchase of 40 per cent stake in Arctic Russia B.V. from Italian firm Enel

The acquisition of the stake will lead Rosneft to indirectly own a 19.6 per cent stake joint natural gas production venture SeverEnergia.

Rosneft has become the owner of a stake in an Arctic gas project after it agreed to acquire a 40 per cent stake in Arctic Russia B.V from Italian power firm Enel for USD 1.8bn, as the Russian energy giant looks to expand its role in the natural gas arena.

 

The acquisition of the stake in Arctic Russia B.V. will lead Rosneft to indirectly own a 19.6 per cent stake in SeverEnergia, a joint natural gas production venture with operations in Russia’s Yamal-Nenets autonomous region.

 

The stake will be purchased by Rosneft subsidiary NGK Itera, the company in charge of consolidating gas assets within the Rosneft group.

 

SeverEnergia owns licenses for nine fields in the region, where proven and probable reserves are estimated at 7.3 billion barrels of oil equivalent.

 

Rosneft said the transaction will help with its objective of producing 3.5 trillion cubic feet of natural gas per year and transform the company into the largest independent natural gas producer in Russia.

 

"Gas business is one of the company's strategic development priorities," Rosneft President Igor Sechin said in a statement. "Acquisition of a stake in SeverEnergia will create a multiplying effect for further growth."