Rosneft Plans $1.8B Deal To Pick Up Stake In Russian Gas JV

Law360, New York (September 24, 2013, 1:35 PM EDT) -- Rosneft OAO said Tuesday that its subsidiary plans to scoop up Enel SpA's indirect 20 percent stake in gas production joint venture SeverEnergia in a deal valued at $1.8 billion, a move the Russian company hopes will boost it to a top spot among the country's independent gas producers.

NGK Itera, a Rosneft unit, will acquire 40 percent of Arctic Russia BV, which owns a 19.6 percent stake in SeverEnergia, Rosneft said. The all-cash deal ups Rosneft's recoverable gas reserves and falls in line with its...
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