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Russia's Gazprom in Talks with Rosneft on Gas Sales

Source: Reuters 6/27/2011, Location: Asia

Russia's state-controlled gas export monopoly Gazprom is in talks with its top oil company Rosneft to create a joint venture for gas sales, Gazprom's head of gas marketing said on Monday.

"We are having those kind of discussions (on forming a gas sale joint venture) with Rosneft," Kirill Seleznev told journalists during a news conference on domestic gas supplies.

He added that Gazprom already has joint ventures for gas sales with the second and third largest oil companies in Russia, LUKOIL and TNK-BP.

Striking a deal with Gazprom to gain access to its pipeline and distribution network is key for oil producers looking to develop fields that have large gas layers and to reduce the amount of associated gas flared into the atmosphere at other sites.

Rosneft said in December that it plans to start producing gas from its Arctic Kharampurskoye deposit in 2012, when it expects to receive access to Gazprom's pipeline network.

The state-controlled oil firm is also in talks with Gazprom, the world's largest natural gas producer, on the possibility of selling gas to China.

Last year, LUKOIL, Russia's top non-state oil company, signed a cooperation agreement with China's National Petroleum Corporation (CNPC) envisioning sending gas to China from LUKOIL's production assets in Uzbekistan, a move that would enable the company to sell gas to the world's largest energy consumer without having to strike deal with Gazprom, which has a monopoly on gas exports from Russia.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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