Rosneft Pays $2.9B To Round Out Itera Stake

Law360, New York (July 2, 2013, 1:31 PM EDT) -- Russian energy giant Rosneft OAO spent $2.9 billion to round out its stake in gas producer Itera Oil and Gas Co. LLC, it said Monday, marking its latest move to bolster its business and knock down the export monopoly held by rival Gazprom OAO.

The deal gives Rosneft complete ownership of Itera, one of Russia's biggest gas producers, lifting the 49 percent stake it did not already hold from Itera founder Igor Makarov. Rosneft's move comes after reports swirled in late May that it was closing...
To view the full article, register now.