Rosneft increasing interest in National Oil Consortium

According to Russian business daily Kommersant (31 October 2012), Rosneft has received the approval of the Federal Antimonopoly Service to increase its interest in National Oil Consortium from 20 per cent at present to 40 per cent, by acquiring the share held by Surgutneftegaz for an estimated USD 200 million. The consortium is developing the Hunin-2 deposit in Venezuela.

Until now Rosneft’s attempts to buy the interest had been hindered by another participant TNK-BP. Of course soon Rosneft will own 60 per cent of National Oil Consortium on completion of the acquisition of TNK-BP for AAR Consortium and BP.

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