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Rosneft to Form Venture With Itera, Acquire Gas Assets

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(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.)

Feb. 28 (Bloomberg) -- 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.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

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

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