Rosneft and members of ITERA Oil and Gas Company announced the acquisition of the remaining 49% of ITERA Oil and Gas Company LLC from Itera Holdings Limited for USD 2.9 bln. As a result Rosneft increased its share in Itera Oil and Gas Company LLC to 100%.
Consolidation of ITERA Oil and Gas Company LLC improves business efficiency and creates new opportunities for its growth. It forms a stable platform for consistent implementation of Rosneft’s gas strategy aimed at gas production increase to 100 bcm per annum and transformation of Rosneft into the largest independent gas producer in the Russian Federation.
Following the deal, Rosneft will be able to accelerate development of the Kynsko-Chaselsk group of fields.
Commenting on the deal, President of Rosneft Igor Sechin said: “G as 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 ”.
“ We will continue our cooperation with Rosneft. There is a number of international and other projects with a potential of further development, ” Igor Makarov, the owner of Itera Holdings Limited said.
[mappress] LNG World News Staff, July 2, 2013; Image: Rosneft