Rosneft sells share in subsidiary
MOSCOW, November 8, 2016 – Russia’s Rosneft on Monday said it had sold a 20% shareholding in Verkhnechonskneftegaz to Beijing Gas Group pending regulatory approval.
If green lit, the transfer of shares, valued at USD 1.1. billion, will aid Rosneft in the development of the Verkhnechonsk field. Commenting on the agreement, Rosneft chief executive Igor Sechin labelled the deal “a new milestone of the energy dialogue between Russia and China.
“The competences and capabilities of our partner on the key distribution market will generate significant synergies from our joint operation,” he added.