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M&A: Rosneft, HRT sign final agreements on Solimões

Rosneft's subsidiary Rosneft Brazil signed final agreements with HRT subsidiary HRT O&G to acquire an additional 6% stake in the Solimões project. As a result, Rosneft Brazil will consolidate a 51% stake and take over the operatorship in the in the Solimões project, Rosneft informed.

The companies have agreed that Rosneft and HRT will continue exploration activities with respect to the Solimões; also, Rosneft will purchase four heli-transportable rigs from HRT O&G.

The transactions will amount to $96 million. Their completion shall be subject to certain conditions precedent including the approval by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP). Rosneft will also provide HRT with a loan facility (up to $40 million) for a period of 12 months from the closing date to finance HRT investments on Solimões.

The documents were signed in the development of agreements concluded during the visit to Brazil of Igor Sechin on November 22, 2013.

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 for 2013 grew by 51% to RUB 551 billion from RUB 365 billion the year before. Sales revenue was RUB 4.694 billion, EBITDA amounted to RUB 947 billion.

"AK&M", 28.03.2014


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