(Corrects second paragraph after Rosneft corrects reserves in initial phase to 600 billion cubic meters, removes potential to produce 40 billion cubic meters of gas a year in next several years from statement on website.)
OAO Rosneft, Russia’s largest oil producer, agreed to form a venture with OOO Itera to jointly develop natural-gas assets and seek acquisitions.
Rosneft and Itera, a non-state gas explorer, plan to develop deposits with reserves of 600 billion cubic meters, the state-controlled oil producer said today on its website.
The companies will start by developing Itera assets and later add some of Rosneft’s, according to the statement.
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