Ministry reports US spy agencies' latest attempt to recruit Russian worker was on Jan 14Russian Politics & Diplomacy January 18, 21:57
Austria’s president-elect says he is ready to maintain good relations with RussiaWorld January 18, 21:50
Putin briefs Merkel, Hollande on steps to implement Syrian ceasefireRussian Politics & Diplomacy January 18, 20:39
Putin, Merkel, Hollande agree to give fresh impetus to Normandy Four activitiesRussian Politics & Diplomacy January 18, 20:26
Russian Eurobonds may be floated in spring 2017 — finance ministerBusiness & Economy January 18, 19:48
Russia, Turkey report 14 ceasefire breaches in Syria per dayWorld January 18, 19:17
Analyst believes removal of sanctions can be political bargaining chip with RussiaRussian Politics & Diplomacy January 18, 18:45
Arctic Forum’s task is to change perception of region as source of raw material — officialBusiness & Economy January 18, 18:28
OPEC revises Russia’s oil production outlook downward by 110,000 bpd in 2017Business & Economy January 18, 18:20
MOSCOW, December 23. /ITAR-TASS/. Rosneft has signed an agreement with NOVATEK to swap assets.
Forty percent of shares in Artic Russia B.V. held by Rosneft will be swapped for 51 percent shares in Sibneftegas held by NOVATEK. The transaction does not involve any cash payments, the company said on Monday, December 23.
Upon completion of the transaction, Rosneft, already holding a stake in Sibneftegas, will consolidate 99.94 percent of shares in this company.
The transaction was approved by Rosneft Board of Directors on December 20, 2013, and will be completed after the necessary approvals from regulating bodies are received.
The transaction allows Rosneft to gain control over first-class gas asset at commercial development stage, consolidate its financial and operational results and improve the quality of its corporate procedures in exchange for an effective minority stake in SeverEnergia.
Commenting on the agreement, Igor Sechin, Rosneft President and Chairman of the Management Board, said: “The agreements reached today with our partners are mutually beneficial and demonstrate the successful implementation of Rosneft’s strategy for expansion and development of the gas business. As a result of the transaction, the Company takes control over the asset that is currently is at a commercial production stage and generates a stable cash flow without requiring significant capital investment. In addition, the control over Sibneftegas will allow Rosneft to achieve significant synergies in developing the Company’s fields in close proximity to Sibneftegas’ infrastructure.”
Chairman of the Management Board of NOVATEK, Leonid Mikhelson commented: “The asset swap allows us to optimize our upstream portfolio and concentrate on the development of fields rich in liquid hydrocarbons, which complements our long-term strategy, taking into account our existing infrastructure for transportation, stabilization and fractionation of gas condensate.”
SeverEnergia holds licenses for exploration and production within Samburgskiy license area and for geological study, exploration and production of hydrocarbons within Yevo-Yakhinskiy, Yaro-Yakhinskiy and Severo-Chaselskiy license areas. As of January 1, 2013, proven and probable reserves of SeverEnergia under PRMS classification amounted to 7.3 bn boe. Estimated gas production in 2013 is about 5 bcm, condensate production 178,000 tonnes.
Sibneftegas holds licenses for hydrocarbon production within Pyreinoye gas condensate field and for geological study, exploration and production of hydrocarbons within Beregovoy and Khadyryakhinskiy license areas. As of January 1, 2013, proven and probable reserves of Sibneftegas under PRMS classification amounted to 2.0 bn boe of natural gas. Estimated gas production in 2013 is about 10 bcm.
Rosneft is a Russian oil industry leader and the largest public oil and gas company in the world. Rosneft’s main operations are exploring for and producing oil and gas and producing and selling petroleum products and petrochemicals.
Rosneft is the world’s largest company by proved liquid hydrocarbon reserves as well as the undisputed leader by hydrocarbon resources among publicly traded oil and gas companies.
NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90 percent of Russia’s natural gas production and approximately 17 percent of the world’s gas production. NOVATEK is an open joint stock company established under Russian laws. The company’s shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange.