Rosneft Oil Company agreed to acquire a 40% stake in Arctic Russia B.V. from Enel, which will lead to Rosneft's indirect ownership of a 19.6% stake in SeverEnergia, Rosneft informed.
The completion of the transaction amounting to $1.8 billion is subject to, among others, regulatory approvals.
The stake will be acquired by Rosneft's subsidiary Itera Oil and Gas Company operating as an asset consolidation center within the Rosneft group.
The transaction will help significantly increase Rosneft recoverable gas reserves, and will create a solid ground for consistent implementation of the Company's gas strategy, aimed at gas production increase to 100 bcm per year and transformation of Rosneft into the largest independent gas producer in Russia.
"Gas business is one of the Company's strategic development priorities. Acquisition of a stake in SeverEnergia will create a multiplying effect for further growth, it will help generate additional synergies from the joint asset development within the Yamal Gas Cluster through optimization of capex and sales channels," said Rosneft President Igor Sechin, commenting on the agreement signed.
SeverEnergia LLC is an gas production venture with assets in Yamal-Nenets autonomous area. Yamal Development, a joint venture of NOVATEK and Gazprom Neft established on a parity basis, holds a 51% stake in it, while Arctic Russia B.V., a joint venture between Italian Eni and Enel where the parties hold 60% and 40%, respectively, owns a 49% stake in SeverEnergia.
SeverEnergia's wholly owned subsidiary Arcticgas owns licenses for 9 fields, the largest of them being Samburgskoye, Yaro-Yakhinskoye, Yevo-Yakhinskoye and Severo-Chaselskoye. Proven and probable reserves stand at 7.3 billion boe.
Rosneft Oil Company (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. Rosneft's proved SEC compliant reserves as of December 31, 2011 were 17.618 billion barrels of oil equivalent. In 2012, Rosneft ramped up production of hydrocarbons by 4.5% to 2.702 barrels per day.
The company's authorized capital is RUB 105.981 million. This amount is represented by 10,598,177,810 common shares at par value of RUB 0.01. The company's largest shareholder is state-owned company Rosneftegaz.
Net profit (IFRS) of Rosneft Oil Company for 2012 increased by 7.2% to RUB 342 billion from RUB 319 billion. Revenue increased by 13.2% to RUB 3.078 trillion from RUB 2.718 trillion for 2011. EBITDA decreased by 8% to RUB 609 billion from RUB 662 billion. Capex amounted to RUB 466 billion, FCF was RUB 45 billion.
According to the information and retrieval system DataCapital, net profit of Rosneft for 2012 as per RAS increased by 27.8% to RUB 302.501 billion. Revenue grew by 28.2% to RUB 2.596 trillion from RUB 2.025 trillion, pre-tax profit by 21% to RUB 345.561 billion from RUB 285.07 billion.