Rosneft To Acquire A Share in the Biggest Gas Field in the Mediterranean Sea

Posted by OilVoice Press - OilVoice


Within his working visit to Cairo Rosneft Chief executive officer Igor Sechin was hosted by the President of Egypt Abdel Fattah el-Sisi. Igor Sechin passed along to the Egyptian leader the message from the President of the Russia Vladimir Putin. Sechin and el-Sisi discussed the cooperation between Rosneft and its Egyptian partners and the implementation of joint energy related projects.

The Head of Rosneft informed the President of Egypt about the reached agreement for the Rosneft acquisition of up to 35% in the concession agreement for the development of the Zohr gas field and of a 15% share in the project's operator - the parity joint venture between Eni and EGAS - Petroshoruk.

Rosneft's Board of directors approved the Company's joining the project. The price of the stake to be purchased is USD 1.125 bln. Moreover Rosneft will reimburse Eni USD 450 mln as its 2016 historical expenses. Overall Rosneft investments in the project will amount USD 4.5 bln in a timeframe of 4 years. Rosneft joins the development of the biggest Egyptian hydrocarbon field together with world majors - its long-standing partners Eni and BP.

After the closing of the deals between Rosneft, Eni and BP the shareholder's structure of the concession agreement might be formed as follows: Eni - 50%, Rosneft - up to 35%, BP - up to 15%.

Igor Sechin also informed Abdel Fattah el-Sisi about the cooperation in the area of oil products, LPG and LNG. The parties also discussed Rosneft's potential participation in new projects in Egypt. The Egyptian leader expressed his content about the development of the cooperation and supported the Company in all of the discussed projects.

After the event Rosneft Chief executive officer Igor 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".

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