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Gazprom-Wintershall JV ups net profit 2.3 times YoY

January 23, 2014, 16:08 UTC+3 MOSCOW
The venture was set up on a parity basis in July 2003 for exploitation of the first test site of a Siberian gas field’s Achimov deposits
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© EPA/MARTIN SCHUTT

MOSCOW, January 23. /ITAR-TASS/. Achimgaz, a joint venture by Russian gas giant Gazprom and Germany's Wintershall, increased net profit 2.3 times year-on-year over the nine months of 2013 to 5.625 billion rubles, about $170.5 million, says a Gazprom report based on international financial reporting standards. Revenue was 8.392 billion rubles ($254 million).

The venture was set up on a parity basis in July 2003 for exploitation of the first test site of a Siberian gas field’s Achimov deposits. Achimov deposits lie at the great depth of about 4,000 metres, with abnormally high reservoir pressure and heavy paraffin which considerably complicates their development and exploitation.

Geological prospecting confirmed the deposits’ efficiency on a vast territory of Nadym-Pur-Tazovsky in Western Siberia. Main recoverable hydrocarbon reserves of such deposits are concentrated in the Urengoy oil and gas condensate field.

Under the asset exchange deal between the two companies, Wintershall will receive a 25.01% stake in a project for exploitation of Achimov deposit areas 4A and 5A.

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