Rosneft Increases Russian Stake in SeverEnergia

Russia’s Rosneft expands its gas assets, acquiring a 40% stake in Arctic Russia from Enel. The transaction, valued at $1.8bln, will lead the company to own an indirect 19.6% stake in SeverEnergia.

“Acquisition of a stake in SeverEnergia will create a multiplying effect for further growth,” commented Rosneft President Igor Sechin in a note released on Tuesday.

SeverEnergia is a joint gas production venture with assets in Yamal-Nenets Autonomous Region of Russia. 51% is held by a joint venture of Novatek and Gazprom Neft called Yamal Development. The rest is held by Arctic Russia, a joint venture between Italian Eni and Enel, where the parties hold 60% and 40% respectively.

According to Sechin, the acquisition “will help generate additional synergies from the joint asset development within the Yamal Gas Cluster through optimization of capex and sales channels.”