Russia: Gas Agreement Rosneft Acquires 30 % Stake in Zohr Gas Field

Rosneft has recently closed the deal to acquire a 30% stake in the concessions agreement for the development of the Zohr field, the largest gas field in the Mediterranean Sea, from the Italian company Eni. The company's stake acquisition is US $1.125 billion to develop the largest deepwater gas field offshore Egypt.

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Moscow/Russia -The cost of Rosneft's stake acquisition is US $1.125 billion. The company also refunded its share in past project costs to Eni.

With this deal, the company becomes a participant of the project to develop the largest deepwater gas field offshore Egypt along with other world majors and strategic partners of Rosneft – Eni (60% stake) and BP (10% stake).

The deal will enable the company to share significant experience in offshore field development, using existing competencies in offshore production. Participation in the development of a unique production asset will strengthen positions of Rosneft in the strategic markets of Europe and the Middle East.

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