Rosneft in $1.8bn Arctic gas deal | beyondbrics

Rosneft in $1.8bn Arctic gas deal | beyondbrics:

"Never mind the breathtaking debts Rosneft ran up buying TNK-BP this year, Russia’s state oil company is still out on an asset shopping spree. In a deal announced on Tuesday Rosneft will splash out $1.8bn to acquire a large stake in a Russian gas producing venture from Enel, the financially troubled European utility.

The move, which will see Rosneft take a 40 per cent stake in Arctic Russia BV from Enel, is expected to boost the former’s presence in the Russian gas industry. The deal will provide Rosneft with an indirect 19.6 per cent stake in SeverEnergiya, a gas exploration and production venture in the Yamal-Nenets region of Arctic Siberia that is jointly owned by GazpromNeft, Novatek and Italy’s Eni and Enel.

In a statement, Rosneft said the Arctic acquisition would provide a platform for the company to fulfill its goal to boost gas output to 100bn cubic meters a year by 2020 and emerge as Russia’s biggest independent gas producer."

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