The world’s largest oil producer has taken control of gas producer Sibneftgas after a swap deal with Novatek.
Rosneft already had a 48% stake in the Siberian-based firm before today’s deal, but has agreed an asset swap with independent gas giant Novatek.
In exchange Novatek will take Rosneft’s 40% stake in Artic Russia, which it bought in a $1.8bn deal from Enel earlier this year.
Sibneftgas holds licences for exploration and production in the Beregovoy and Khadyryakhinskiy areas, with around 2billion boe of natural gas.
“The agreements reached today with our partners are mutually beneficial and demonstrate the successful implementation of Rosneft’s strategy for expansion and development of the gas business,” said Rosneft president Igor Sechin.
“As a result of the transaction, the company takes control over the asset that is currently is at a commercial production stage and generates a stable cash flow without requiring significant capital investment.
“In addition, the control over Sibneftegas will allow Rosneft to achieve significant synergies in developing the company’s fields in close proximity to Sibneftegas’ infrastructure”.
News of the deal comes as Rosneft also confirmed an agreement to buy the global oil merchanting unit of Morgan Stanley’s commodities division for an undisclosed fee.
“The transaction will deliver increased value for Rosneft’s equity barrels by going deeper into the merchanting value chain, while equally enhancing the visibility of global oil and products markets and opening up new revenue streams by accessing third party barrels,” said Sechin.
The deal includes Morgan Stanley’s global network of oil storage contracts, inventories, supply and freight deals, along with a 49% stake in oil tanker manager Heidmar. But it will not include the US distribution arm TransMontaigne.
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