Gazprom to start talks about joining Rusiya Petroleum

Aug 07, 2000 02:00 AM

Russian Gazprom is expected to start talks soon on joining the Rusiya Petroleum joint venture, which operates the giant Kovykta gas field in East Siberia, a Rusiya official said. He said Gazprom would have to provide financial guarantees of its ability to contribute to the financing of the gas field.
"Gazprom has already signed a letter of confidentiality before starting talks. Rusiya will sign the letter in 10 days' time," the official told. He said that once the letter was signed Rusiya would provide all necessary documents to Gazprom and submit details of the terms on which it would agree to Gazprom joining Rusiya. "All prospective shareholders should provide guarantees of their ability to finance their stakes in the project and participate in its development," the official said.
He said the parties had not yet discussed the size of the stake that Gazprom might take in the Rusiya Petroleum joint venture. Earlier this year, Gazprom reportedly said it wanted a stake of at least 51 %. "We do not rule out the possibility of Gazprom joining Rusiya. However, this would have to be by acquiring shares directly from one of Rusiya's shareholders, rather than through any additional share issue," the official said.

Two Rusiya shareholders, Rosinvestneft and Sidanko, are reportedly interested in selling their stakes in the joint venture. The official added that the terms for joining Rusiya were the same for all interested parties. "As of today, only Gazprom has officially made a request to join Rusiya," he said. Domestic oil majors Surgutneftegaz and Rosneft had said earlier in the year that they were interested in joining the joint venture.

Source: Bridge News via Newspage
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