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M&A: ConocoPhillips may sell stake in JV with Rosneft

U.S.-based ConocoPhillips currently developing five deposits of the Ardalinskaya group in Nenets autonomous region may sell its interest in Polar Lights Company, its joint venture with Rosneft, a ConocoPhillips spokesman stated during a teleconference, Reuters informed.

ConocoPhillips and Rosneft each hold a 50% equity stake in Polar Lights.

The stake in the joint venture is ConocoPhillips's last asset in Russia. Earlier, the company sold 20% of LUKOIL shares.

In January 2014, Rosneft Oil Company was reported to have also put up its 50% stake in Polar Lights for sale. Rosneft's stake in the joint venture was then estimated at $120-150 million. Therefore, the potential buyer is in a position to consolidate 100% of the JV shares at once.

Polar Lights based on Arkhangelskgeoldobycha as a joint Russian-American venture in 1992 is currently developing four oilfields of the Ardalinskaya group: Ardalinskoye, East-Kolvinskoye, Oshkotynskoye, and Dyusushevskoye. Also, the company transports crude oil via the Usinsk – Yaroslavl pipeline for further shipment to the domestic and international markets. In 2012, Polar Lights produced 567 thousand tonnes of oil.

Rosneft Oil Company (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. In 2013, Rosneft's proved SEC compliant reserves increased by 11.5% to 33.014 billion boe. The company increased daily production of hydrocarbons by 80% to 4.873 million barrels.

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.

IFRS net profit of Rosneft Oil Company for H1 2014 grew by 89.8% year-on-year to RUB 260 billion from RUB 172 billion. Sales revenue grew by 41.3% to RUB 2.81 trillion from RUB 1.988 trillion, EBITDA increased by 59.8% to RUB 593 billion from RUB 371 billion.

According to the DataCapital information retrieval system, RAS net profit of Rosneft Oil Company in H1 2014 was RUB 54.829 billion against a loss of RUB 5.268 billion the year before. Revenue increased by 53% to RUB 2.217 trillion from RUB 1.446 trillion, GP by 53% to RUB 996.343 billion from RUB 649.653 billion.

"AK&M", 05.08.2014


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