Rosneft Buys up Outstanding Equity in ITERA Oil & Gas

Russia's Rosneft announced Tuesday that it has acquired the remaining 49 percent of fellow Russian firm ITERA Oil & Gas Company that it did not already own from Itera Holdings Limited for $2.9 billion.

ITERA is one of the largest independent producers of natural gas operating in the Commonwealth of Independent States and the Baltic.

Rosneft said that the consolidation of ITERA will improve the business efficiency of the two companies, while creating new opportunities for growth. In particular, Rosneft said, it will form a stable platform for the implementation of Rosneft's gas strategy, which is aimed at increasing gas production to 100 billion cubic meters per annum and transforming the company into the largest independent gas producer in the Russian Federation.

Rosneft said that following the deal it will be able to accelerate the development of the Kynsko-Chaselsk group of fields in the Krasnoselkupsk region of the Yamalo-Nenets autonomous district of Russia.

Rosneft President Igor Sechin said in a company statement:

"Gas business is one of the top priorities for the company. Consolidation of ITERA Oil and Gas Company LLC will have a significant multiplier effect on our future growth and generate additional synergies, which will ultimately increase the total capitalization of the company and bring additional value to shareholders."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Hurricane Spuds North Sea Halifax Well... (Jan 16)
 -  Inpex, ADNOC Agree to Extend Offshore ... (Jan 16)
 -  Jesse Norman to Take on Full Energy Br... (Jan 13)
 -  CNOOC Starts Penglai 19-9 Output (Jan 13)
 -  Report: CHC to Shut Down Bergen Base, ... (Jan 13)


Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Director - Midstream Services
Expertise: Business Development|Operations Management
Location: Houston, TX
 
Case Specialist II Job
Expertise: Business Analyst|Legal|Regulatory Compliance
Location: Denver, CO
 
United States Houston: Senior Product Champion
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.45/BBL 0.99%
Light Crude Oil : $52.37/BBL 1.20%
Natural Gas : $3.42/MMBtu 0.88%
Updated in last 24 hours