Rosneft acquired the remaining 49% of ITERA Oil and Gas Company LLC from Itera Holdings Ltd. for US $2.9 billion. As a result, Rosneft’s share in the company has increased to 100%.
Rosneft said the consolidation of ITERA Oil and Gas Company LLC improves business efficiency and creates new opportunities for its growth. It will also form a stable platform for consistent implementation of Rosneft’s gas strategy aimed at gas production increase to 100 billion cu m per annum and transform of Rosneft into the largest independent gas producer in the Russian Federation, the company added. Following the deal, Rosneft plans to accelerate development of the Kynsko-Chaselsk group of fields.
“Gas business is one of the top priorities for the Company,” said Rosneft President, Igor Sechin. “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”.
Owner of Itera Holdings Ltd., Igor Makarov, said the company will continue cooperating with Rosneft.
“There is a number of international and other projects with a potential of further development,” Makorov said.
ITERA is one of the largest independent producers of natural gas operating in the Commonwealth of Independent States and the Baltic.
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