Rosneft to buy Enel stake in Arctic Russia in $1.8 billion deal

OAO Rosneft has agreed to acquire a 40% stake in Arctic Russia BV from Italian power company Enel for $1.8 billion.

The purchase by Rosneft subsidiary NGK Itera will give Rosneft indirect ownership of a 19.6% share in SeverEnergia, a joint gas production venture with assets in the Yamal-Nenets autonomous region.

Yamal Development, a joint venture of Novatek and Gazprom Neft, owns 51% of SeverEnergia. The remaining 49% is owned by Arctic Russia, a 60-40 joint venture of Eni and Enel.

SeverEnergia owns licenses for nine fields, including Samburgskoye, Yaro-Yakhinskoye, Yevo-Yakhinskoye, and Severo-Chaselskoye.

Completion of the transaction is subject to regulatory approvals.