Updates on NGK Itera OOO's Acquisition by NK Rosneft' OAO-Interfax

Tuesday, 2 Jul 2013 04:19am EDT 

Interfax reported that NK Rosneft' OAO has scooped up the remaining 49% of oil and gas company NGK Itera OOO from Mr. Igor Makarov's Itera Holdings Limited for USD 2.9 billion, thereby becoming NGK Itera OOO's sole owner, the parties involved in the deal announced. NK Rosneft' OAO and the Itera group completed the creation of a joint venture (JV) around NGK Itera OOO in the field of producing and selling gas in August 2012. NK Rosneft' OAO secured 51% in the JV in exchange for the transfer of a 100% stake in the charter capital of Kynsko-Chaselskoye Neftegaz - holder of the license to the Kynsko-Chaselsky licensed section - and USD 173.4 million in cash. The JV's consolidated resources amount to 427.2 billion cubic meters (bcm) of gas and 25.8 million tons of liquid hydrocarbons. Its predicted gas production volume for this year is approximately 13 bcm. 

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