Rosneft acquires Zohr stake

MILAN, December 12, 2016 – Following an expression of interest last week, Russia’s Rosneft on Monday followed through and acquired a 30% participating interest in Eni’s Shourouk concession, the Italian major said in a press release.

Subject to final approval from the Egyptian authorities, the deal is valued at USD 1.125 billion. Rosneft will also reimburse Eni for past expenditures, so far around USD 450 million, and maintains an option to net an additional 5% share in the concession, which contains the Zohr gasfield.

In late November, BP spent USD 375 million on a 10% shareholding in the concession, with an option to acquire an additional 5% before the end of 2017. Upon signing the BP deal, Italy’s Eni signalled it was looking to lower its stake to 50%. Should Rosneft decide to lift its option, Eni’s goal will be reached.

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