Rosneft Closes Acquisition of 35.3% Stake in Taas-Yuryakh Project from Sberbank

abarrelfullabarrelfull wrote on 15 Mar 2012 15:16
Tags: deals rosneft russia upstream

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Rosneft has closed a deal to acquire a 35.3% stake in Taas-Yuryakh Neftegazodobycha from Sberbank. The value of the deal was set to correspond to the historic cost of the project for Sberbank, equalling $444 million.

Notes for editors

Taas-Yuryakh Neftegazodobycha is the holder of oil production licences for the Srednebotuobinsk oil and gas condensate deposit, which is situated 160 km north of the ESPO crude pipeline. C1 category oil reserves are estimated to stand at 90.9 million tonnes and C2 category reserves at 38.9 million tonnes. Due to its scale, on March 18, 2010 the Srednebotuobinsk oil and gas deposit was included in the list of deposits of federal importance.

Until 2009, the 35.3 percent stake in Taas-Yuryakh Neftegazodobycha was held by Urals Energy, which in the course of the financial crisis in 2008-2009 had to hand over the asset to Sberbank Capital to cover overdue loans.

The remaining stakes are held by Yakut Energy Limited (37.4 percent) and Finfund Limited (16.8 percent), as well as Limenitis Holding Limited (10.5 percent). The latter is part of the Ashmore Investment Management Group.

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