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Rosneft to buy Enel' s stake in SeverEnergia

BY JAMES MARSON

MOSCOW -- Russian state oil giant OAO Rosneft has agreed to buy Enel S.p.A.' s stake in Russian natural-gas producer SeverEnergia for $1.8 billion, as the world' s largest listed oil producer attempts to boost its gas output.

Rosneft will acquire a 19.6% stake in SeverEnergia by purchasing Enel' s 40% stake in a joint venture with Eni S.p.A. Gazprom Neft,  the oil arm of state gas firm OAO Gazprom, holds 51% of SeverEnergia, which holds licenses on the Yamal peninsula in Russia' s Arctic.

Rosneft says it wants to become a major player in the Russian gas business, which is currently dominated by Gazprom. The government is drafting legislation to end Gazprom' s monopoly on gas exports by allowing other producers, including Rosneft, to ship liquefied natural gas.

Rosneft and other producers, such as OAO Novatek, have been eating into Gazprom' s domestic market share by snapping up contracts with large industrial consumers.

Dow Jones Newswires

09/24/2013

 

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