Egypt: The Russian company Rosneft acquired 30% of the Zohr gas field exploitation

The Russian Rosneft and the Italian company Eni, have contracted a deal to develop a partnership into the biggest deep-water gas field of Egypt.

Nothing can stop the Russian leader of the petroleum industry. After closing a strategic deal with Beijing Gas and Essar Oil, Rosneft announces they completed the acquisition of 30% stake due to the concessions agreement for the development of Zohr field. 30% stakes were originally owned by the Italian society Eni. According to Rosneft “ cost of Rosneft stake acquisition is estimated over 1.1 billion dollars. Additionally, the company will also refund its share in past project cost to Eni”.

Rosneft has paid so far 450 millions dollars to realise field investments and development. Part of the contract allows both Eni and Rosneft companies to acquire 5% more from the capital share of the field. It’s not the first time that Rosneft and Eni partner up. Back in the years they already signed up an agreement on Black and Barents Sea’s areas.

For Igor Sechin, CEO of Rosneft, this acquisition offers the opportunity to strengthen its positions in the region and increases a cooperation, whom will be good for Egypt. On Twitter, the company introduces itself as the largest Russian taxpayer.

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