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Rosneft Sold 20% Stake in Natural Gas Field

November 07, 2016

Chinese company Beijing Gas Group has acquired 20% stake in Verkhnechonskneftegaz for $1,1 billion, which is $3,2 per barrel of hydrocarbon reserves.

The deal was completed during the 21st meeting of the heads of governments of Russia and China in St.Petersburg on the 7th of November. The meeting dedicated to cooperation in oil and gas industrywas attended by Russian Prime Minister Dmitry Medvedev and Premier of the State Council of the People's Republic of China Li Keqiang. The contract was signed by the Executive Director of Rosneft Igor Sechin and the Chairman of Beijing Gas Group Li Yalan.

The signing of the deal is going to allow "Rosneft" to gain access to the gas market in China through swap gas supplies, including the end-user. Also, the company believes that the agreement will allow to fulfil the potential of the gas field and secure a partnership with one of the largest distributors of natural gas in China.

The deal was signed after successful due diligence had been performed on iDeals Virtual Data Room.

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