October 11, 2008

Gazprom Neft buys 50% stake in Tomskneft from Rosneft

Russian oil major Gazprom Neft closed a deal to buy 50% in oil company Tomskneft from Rosneft through its subsidiary Gazpromneftfinance. No further details of the deal were provided.

Earlier in December, Gazprom Neft submitted an application to buy the stake to the Federal Antimonopoly Service. It was reported at the time that Rosneft could swap a stake in Tomskneft for an asset of natural gas giant Gazprom, the parent company of Gazprom Neft. In July, Rosneft proposed acquiring Gazprom Neft's Yuzhno-Priobskoye oil field under a swap deal.

After the deal, Gazprom Neft will include the Tomsk Region based company’s results in its financial statements calculated under US GAAP.

Rosneft bought 100% in Tomskneft at a bankruptcy auction from the now defunct oil company Yukos in May 2007.