Rosneft has bought a stake in the biggest gas field in the Mediterranean Sea.
On a trip to Egypt, Rosneft chief executive Igor Sechin said the firm had purchased a 35%interest in the Zhor field for $1.25billion. It will also reimburse Eni, the field’s operator, $450million for its 2016 historical expenses.
Overall, Rosneft will invest $4.5billion in the project over the next four years.
Eni has a 50% stake in the field and BP owns the remaining 15%.
Mr Sechin said: “Rosneft participation in the Zohr field, developed jointly by our international partners – is a logical step in the development of our cooperation in Egypt and boosting of the positions of the Company at markets on the rise”.