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Rosneft buys stake in Egypt offshore gas project from Eni for $2.8 bln

December 12, 2016, 10:20 UTC+3
The board approved the purchase of a 30%-stake in the concession agreement regarding the Shoruk bloc in Egypt
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MOSCOW, December 12. /TASS/. The board of directors of Rosneft approved the acquisition of a stake in the Shoruk gas field in the Egyptian offshore area from Italy’s Eni for $2.8 bln, the Russian company said in a statement.

In particular, the board approved the purchase of a 30%-stake in the concession agreement regarding the Shoruk bloc in Egypt, as well as the acquisition of 15% of shares in a joint venture, created by IEOC Production B.V. and Egyptian Natural Gas Holding Company, which is the operator of the project on the stage of its development.

Rosneft also has been given an option to acquire a 5% stake in the concession agreement and 2.5% of the joint venture before December 31, 2017.

The transfer of shares should take place within one year since the signing of the agreement, full payment should be made not later than May 31, 2018.

Earlier it was reported that the board of directors of Rosneft will consider an option to buy up to 35% in the concession agreement of the Shorouk gas fields in the offshore area of Egypt.

In late November, BP said that it plans to buy 10% in the concession agreement on Shorouk from Eni for $375 mln.

Shorouk is part of Zohr, which is the largest gas field in Egypt.

According to Eni, which reported the discovery of the field in August 2015m its reserves may amount to 850 bln cubic meters.

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