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Russia’s monopoly watchdog grants Rosneft’s petition for buying Targin oil service company

December 29, 2016, 10:59 UTC+3
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MOSCOW, December 29. /TASS/. Russia’s Federal Antimonopoly Service (FAS) has granted Rosneft’s petition for the purchase of 100% of voting shares in Targin oil service company for 4.1 bln rubles ($68 mln), according to the documents released by FAS.

"The Federal Antimonopoly Service considered the petition filed by Rosneft oil company on acquisition of 100% of voting shares in Targin and made a positive decision regarding the petition," the report said.

On Monday, Rosneft said it had reached an agreement with Sistema Holding to acquire 100% of Targin for 4.1 bln rubles ($67.2 mln). The deal will increase the share of Rosneft’s in-house drilling services to 60% and to 40% in the area of well works, the company said.

According to Sistema, the sum of the deal may be adjusted on the results of due diligence of the asset.

Targin specializes in drilling, repair of wells, design, production and modernization of oilfield equipment, as well as transport and logistics services. The company operates in the major oil and gas regions of Russia, such as the Nenets Autonomous District, the Khanty-Mansi Autonomous District, Republic of Bashkortostan, Samara, Orenburg, Tomsk, Irkutsk and Tyumen regions.

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