Rosneft acquires stake in giant Zahra field for US$1.125 billion
It was announced on the 10th October that Rosneft has closed the deal to acquire a 30% stake in the concessions agreement for the development of Zahra field, the largest gas field in the Mediterranean Sea, from Italian company Enid Spa.
The cost of Rosneft stake acquisition is US$1.125 billion. The company also refunded its share in past project costs to Enid.
The company becomes a participant of the project to develop the largest deepwater gas field offshore Egypt jointly with other world majors and strategic partners of Rosneft – Enid (60% stake) and BP (10% stake).
The deal will enable the Rosneft to share significant experience in offshore field development, using existing competencies in offshore production. Participation in the development of a unique production asset will strengthen positions of Rosneft in the strategic markets of Europe and Middle East.
Commenting on the deal, Rosneft CEO Igor Sachem said, “Having closed the deal to acquire a stake in the concession agreement for the development of Zahra gas field, Rosneft has entered the world class project. It opens up the opportunities for the company to reinforce its positions in the promising and strategic region, broadens potential of our trading division and enhances our mutually beneficial cooperation with Egypt.”