Today, full control on OOO Itera was gained by OAO Rosneft. Itera was an independent natural gas producer and seller. Rosneft's acquisition of the said company allowed it to have the outstanding 49% shares worth US$2.9 billion. This deal further favoured the biggest oil company's expansion.
"Gas business is one of the top priorities," said Igor Sechin, Rosneft's Chief Executive Officer. The deal would boost growth. He added, "will ultimately increase the total capitalization."
The value of the 49% stake "implies that Itera alone was valued at $1.40/boe of reserves," Luis Saenz, head of equities at BCS Financial Group, a Russian brokerage, said by e-mail. That compares with $3.80 for every barrel of oil equivalent of resources for Rosneft, he stated. "This is value enhancing."
Last year, Rosneft and Itera agreed to a joint venture to produce and trade gas. Rosneft acquired 51% of the merger in exchange for the Kynsko-Chaselsk field and US$173.4 million in cash.
Join the Conversation