Russia's Federal Antimonopoly Service permitted Oil and Gas Company Itera LLC to acquire 51% of the voting shares in JSC Sibneftegaz, the regulatory body informed.
As a result of this transaction, Itera will consolidate 99.9417% of the voting shares in Sibneftegaz.
Oil and Gas Company Itera LLC (OGC Itera) has been engaged in gas production in Russia's Yamal-Nenets autonomous area since 1998. The group has invested more than $2 billion in the development of the gas industry. Itera pioneered placing field in the North of Russia on production. Total output from Itera's gas deposits has exceeded 250 bcm of natural gas. Rosneft Oil Company owns 100% of the company's shares.
JSC Sibneftegaz (tax number: 8904005920) has been engaged in the commercial gas production at the Beregovoye gas deposit prosuction since 2007 and is licensed to explore and develop the Khadyryakhinskoye and Zapadno-Zapolyarnoye gas fields. Its total reserves exceed 400 bcm of gas. The major shareholders of Sibneftegaz are OGC Itera (part of the Rosneft group) and JSC NOVATEK.
According to the information and retrieval system DataCapital, RAS net profit of Sibneftegaz for 2012 grew 15.6 times to RUB 2.726 billion. Revenue went up 44% to RUB 10.337 billion from RUB 7.178 billion, sales profit increased to RUB 5.38 billion from RUB 2.31 billion.