Rosneft and ITERA Group have closed a deal to create a joint venture on the basis of ITERA Oil and Gas Company to produce and sell gas in line with the terms of a strategic cooperation agreement signed on 28 February 2012.

Rosneft obtained 51% in the joint venture in exchange for a 100% stake in the charter capital of Kynsko-Chaselskoye Neftegaz (which owns the license for the Kynsko-Chaselsk license block) and a cash consideration of $173.4 million.

This sum may be adjusted following an analysis of the financial results of ITERA Oil and Gas Company, its subsidiaries and affiliates and Kynsko-Chaselskoye Neftegaz as of the deal completion date.

Tags: Rosneft