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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...