Rosneft To Acquire Northern Oil Company

Rosneft and Northern Oil Company are close to finalizing a deal where by Rosneft will acquire 100% of the shares of Northern Oil Company in a deal valued at US $600 million. NOC holds a license for the development of the Gamburtsev structural terrace with oil reserves estimated at 125 million tons.

However, the procedure for the acquisition of NOC's shares is being challenged. Rosneft has applied to the Russian Ministry on Anti-Monopoly Policy and Support for Entrepreneurship for permission for the purchase of 100 percent of the NOC shares. Before the end of this week, the Rosneft Board of Directors is to approve the deal for the acquisition of the NOC.