Beijing Gas to buy Rosneft subsidiary stake for $1.1 billion

Beijing Gas Group Co. Ltd. is to buy from OJSC Rosneft a 20% stake in a subsidiary of the Russian firm for $1.1 billion.

The subsidiary, Verkhnechonskneftegaz, holds a license to develop Verkhnechonsk oil, natural gas, and condensate field in East Siberia.

Rosneft said the field is one of East Siberia’s largest, and that Beijing Gas is one of the largest distributors of natural gas in China.

Igor Sechin, Rosneft chief executive officer, said the agreement is “a new milestone of the energy dialog between Russia and China.”

Closing of binding agreements is dependent on regulatory approvals.

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