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Rosneft Gets Right to Buy Black Sea, Barents Sea Explorers

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Sept. 7 (Bloomberg) -- OAO Rosneft, Russia’s largest oil producer, has gained approval from the antitrust regulator to acquire two companies with licenses in the country’s southern Black Sea and Arctic Barents Sea.

A Rosneft subsidiary was cleared to buy Russian billionaire Vladimir Lisin’s Black Sea oil explorer ZAO Chernomorneftegaz and Arctic explorer ZAO Sintezneftegaz, the Federal Anti-Monopoly Service said today on its website.

Both closely held oil explorers have faced limitations on development since Russia introduced laws restricting offshore oil and gas production to state-owned companies, such as Rosneft and OAO Gazprom. Sintezneftegaz has spent $80 million on exploration in the Arctic and in Africa, according to the company website.

Rustam Kazharov, a Rosneft spokesman, was not immediately available for comment when Bloomberg News phoned his mobile phone.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

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