Rosneft buys control of Itera Oil & Gas

Rosneft has taken 100% control of Itera Oil & Gas Co. LLC with the $2.9 billion purchase of 49% of the company from Itera Holdings Ltd.

Rosneft said consolidation of Itera Oil & Gas, a joint venture it formed last year with the Itera group, will enable it to accelerate development of the Kynsko-Chaselsk group of fields in the Krasnoselkupsk region of the Yamalo-Nenets Automous District (OGJ Online, Aug. 6, 2012).

“It forms a stable platform for consistent implementation of Rosneft’s gas strategy aimed at gas production increase to 100 billion cu m/year and transformation of Rosneft into the largest independent gas producer in the Russian Federation,” a Rosneft press statement said.

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