Bloomberg News

Rosneft Boosts Stake in East Siberian Oil Field for $316 Million

March 15, 2012

OAO Rosneft, Russia’s biggest crude producer, boosted its stake in the unit that holds the licenses to oil and gas fields in eastern Siberia for 9.3 billion rubles ($316 million)

The state-controlled oil producer consolidated a 99.9 percent stake, up from 70.8 percent, in OAO Eastern Siberian Oil and Gas Co., which has licenses to the Yurubcheno-Tokhomskoye oil field and Agaleevskoye gas field, after buying shares held by Montenore Investment Ltd. and minority investors under a mandatory offer, Rosneft said today in a statement.

Rosneft also closed a deal to acquire 35.3 percent of the Taas-Yuryakh field in a nearby region from state-controlled OAO Sberbank for $444 million.

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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