Rosneft said June 29, 2017, it has completed its $1.1 bln deal to sell a 20% stake in east Siberian upstream gas subsidiary Verkhnechonskneftegaz to chinese Beijing Gas Group.
Verkhnechonskneftegaz is a subsidiary of Rosneft exploring and developing Verkhnechonskoe oil and gas condensate field, one of the largest fields in East Siberia.
The Chinese company acquires a 20% stake in russian fields with developed infrastructure and access to the ESPO pipeline.
Rosneft said that the deal could allow it to gain access to China's domestic gas market and end-users via swap deals.
Rosneft CEO Igor Sechin said: «The eastern direction is one of the most prospective and strategically important for us. Cooperation with Beijing Gas is a good example of Rosneft’s integral approach, which contributes to the creation of a reliable energy bridge between Russia and Asia-Pacific countries.»
The sale, which was 1st agreed in November 2016, values the Verkhnechonsk oil, gas and condensate field at $3.20 per barrel of hydrocarbon reserves.
Rosneft said, that the field produces 8.5m tonnes of oil a year, has reserves of 173m tons of crude oil and gas condensate and 115bn cubic meters of gas.