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M&A: Gazprom Neft to increase stake Yuzhno-Priobskiy GPZ LLC

On September 1, the Board of Directors of JSC Gazprom Neft approved the acquisition of an equity stake in Yuzhno-Priobskiy GPZ LLC, the company informed.

Also the Board of Directors decided that the subsequent transactions involving equity stakes in Yuzhno-Priobskiy GPZ LLC on the conditions of put and call options specified in advance would not require the Board of Directors' approval.

It will be recalled that in August 2007, JSC Gazprom Neft and JSC SIBUR-Holding set up their joint venture Yuzhno-Priobskiy GPZ LLC to process associated petroleum gas (APG) from the Yuzhno-Priobskoye field. The JV was founded by subsidiaries of the two companies: Gazprom Neft-Khantos LLC and JSC SiburTyumenGaz. Each partner owns 50% of the JV authorized capital.

In June 2014, Russia's Federal Antimonopoly Service permitted Gazprom Neft-Khantos LLC to consolidate a 74.9% equity stake in Yuzhno-Priobskiy GPZ LLC.

JSC Gazprom Neft (tax number: 5504036333) ranks fifth largest oil producer in the Russian Federation. Gazprom Neft and its subsidiaries own 61 licenses for the prospecting and development of oil fields. The proven oil reserves in the company's fields exceed 4.5 billion barrels. The company's largest shareholder is Gazprom Group.

IFRS net profit of Gazprom Neft for 2013 attributable to the company's shareholders grew by 0.9% to RUB 177.917 billion. Revenue decreased by 1% to RUB 1.504 trillion from RUB 1.519 trillion in 2012, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 4.2% to RUB 336.752 billion from RUB 323.106 billion.

According to the DataCapital information retrieval system, RAS net profit of Gazprom Neft for H1 2014 went up 34.3% to RUB 47.502 billion from RUB 35.359 billion the year before. Revenue increased by 6% to RUB 614.225 billion from RUB 578.582 billion, GP decreased by 5% to RUB 171.755 billion from RUB 181.841 billion.

"AK&M", 03.09.2014


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