Bloomberg News

Stroytransgaz May Sell Algerian Venture Stake to Rosneft in 2011

December 10, 2011

Dec. 9 (Bloomberg) -- OAO Stroytransgaz, a Russian engineering and pipeline construction company, is seeking to close a deal to sell its stake in an Algerian oil exploration venture to partner OAO Rosneft by the end of this year, said Stroytransgaz Chief Executive Officer Sergei Makarov.

Makarov declined to give the price while talking with reporters in Moscow today.

The Rosneft-Stroytransgaz Ltd. venture holds 60 percent of the 245-South Block project, while Algeria state-owned Sonatrach has 40 percent, according to the Moscow-based oil producer’s website. Rosneft and Stroytransgaz each own half of the operating venture.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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