Rosneft grabs stake in Egyptian Zohr gas field

Rosneft grabs stake in Egyptian Zohr gas field
Image courtesy of Rosneft

Rosneft closed the deal to acquire a 30 percent stake in the Zohr gas field in the Mediterranean discovered by Italy’s Eni in 2015.

The stake acquisition has been valued at $1.12 billion and the company also refunded its share in past project costs to Eni.

With the acquisition, Rosneft becomes a participant of the project to develop the largest deepwater gas field offshore Egypt jointly with Eni (60 percent stake) and BP (10 percent stake).

The stake acquisition follows the cooperation agreement signed between the two companies in May, under which the two companies agreed to cooperate in Russia and abroad in the E&P, refining, trading, logistics and marketing, petrochemicals and technology and innovation sectors.