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BP closes deal to buy 49% stake in JV with Rosneft

April 24, 3:11 UTC+3 MOSCOW

In February 2018, the Federal Antimonopoly Service of Russia approved the application of BP

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MOSCOW, April 24. /TASS/. British BP closed the deal to enter the capital of Kharampurneftegaz, on the basis of which a joint venture is being established to develop two fields in the Yamal-Nenets Autonomous region.

The Russian division of BP gained control over 49% of the charter capital of Kharampurneftegaz, 51% is owned by the Rosneft subsidiary, RN-Gaz, which unites the gas assets of the oil company.

In February 2018, the Federal Antimonopoly Service of Russia (FAS) approved the application of BP. Earlier, BP's application was approved by the antitrust regulator of Germany.

The companies previously agreed to establish a joint venture on the basis of Kharampurneftegaz to develop two fields in the Yamal-Nenets Autonomous region - Kharampur and Festivalny license blocks.

Total reserves of Kharampur and Festivalny license blocks are estimated at 880 bln cubic meters of gas. At the first stage, Rosneft and BP plan to produce 11 bln cubic meters of gas. The extracted gas will be placed by Rosneft in the domestic market.

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