Media: “Rosneft” wants to buy Gazprom’s stake in JV “Purgaz”

Media: “Rosneft” wants to buy Gazprom’s stake in JV “Purgaz”

MOSCOW, 4 February. Rosneft is negotiating with Gazprom on buying out his stake in their joint venture, the largest gas producer in the Russian Federation “Purchase”, writes in Thursday newspaper “Kommersant” with reference to sources in the market.

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According to them, this question, in particular, raised a week ago at the meeting of head “Gazprom” Alexey Miller with the President of “Rosneft” Igor Sechin. According to one of interlocutors of the edition, the transaction is yet to be finalized, but “it would be logical for both sides – Gazprom may get rid of distressed assets, while Rosneft will receive additional gas.”

According to the newspaper, it is that Rosneft will become the owner of 100% of “purchase”.

In Rosneft declined to comment on the deal, but said that “price volatility in global markets, undoubtedly, has an impact on the internal market and quality opens opportunities to expand the capacity of several segments of the company, including the gas block, on attractive commercial terms”.

In “Gazprom” to discuss the transaction declined.

CJSC “Purgaz” develops Gubkinskoye gas and condensate field in the Yamal-Nenets Autonomous district with reserves of about 400 billion cubic meters of gas, production in 2014 is 13.2 billion cubic meters. The figure for 2015 has not been officially disclosed, but according to the statements of the shareholders, production totaled about 12.5 billion cubic meters.

Rosneft, which was going less than ten years become the second largest player in the domestic market of gas after Gazprom, is now unable to provide the contracts already signed. Private gas companies are not enough.

The newspaper’s sources in the market and the analysts found it difficult to estimate “Purgaz” at current oil prices, since it is still on the Russian market, usually sold natural gas assets, mining is also a significant amount of condensate. At the end of 2012, NOVATEK bought 49% of nortgas, which is similar in size production with “Purgason”, for $1.4 billion According to one of interlocutors of the edition, now Purgaz can cost about 40 billion rubles.