Deals
Rosneft Snaps Up Stake in Eni’s Giant Egyptian Gas Discovery
- Company buys 30% of Shorouk concession, has option for 5% more
- Russian energy producer values deal at as much as $2.8 billion
Russia Sells $11B Rosneft Stake to Glencore, Qatar
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Rosneft PJSC agreed to buy as much as 35 percent of a natural-gas project off Egypt, joining Eni SpA and BP Plc in the largest discovery in the Mediterranean Sea.
The Russian company will pay Eni $1.13 billion for an initial 30 percent stake in the Shorouk concession, which includes the Zohr find, the Italian producer said Monday. Rosneft will add about $450 million to cover past costs and has an option to acquire a further 5 percent, which would also require cost payments, Eni said.