Rosneft Buys Remaining Stake in East Siberian Oil Producer

Reuters

MOSCOW, Oct 15 (Reuters) - Rosneft, Russia's top oil producer, said on Tuesday it had increased its stake in East Siberian crude producer Tass-Yuriakh to 100 percent, which will help boost the state-controlled company's own production.

Before the deal, Rosneft owned a 35 percent stake in the company. Taas-Yuriakh is expected to produce 1 million tonnes of oil in 2014 and over 5 million tonnes annually starting from 2017.

Rosneft CEO Igor Sechin said in a statement that crude from the new asset is expected to be shipped to a planned oil refinery in China, among other destinations, adding that the company had already started talks to secure a strategic investor in Taas-Yuriakh.

Sources told Reuters last month that Rosneft offered a stake in an East Siberian oil producer to China National Petroleum Corp as part of their broader cooperation.

(Reporting by Katya Golubkova, Editing by Alessandra Prentice)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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