Gazprom Neft planning to buy out stakes in two JVs from Repsol in Q1, considering attracting another partner to assets
MOSCOW. Jan 12 (Interfax) - Gazprom Neft is planning to complete the buyout of the 50% stakes in two joint ventures from Spain's Repsol in the first quarter of 2022, and it is considering options for developing the assets, including by attracting another partner, Gazprom Neft's press service told Interfax in response to a request for information.
"Gazprom Neft is acquiring Repsol's stakes in the Evrotek-Yugra and ASB GEO joint ventures, respectively, and it is consolidating 100% of the assets. The company plans to complete the transactions in the first quarter of 2022, and it is looking into various scenarios for further developing the assets, including attracting another partner," the company's press service noted.
Evrotek-Yugra owns six licenses for geological exploration and exploration and production in the Khanty-Mansiysk Autonomous District (KhMAD), including for developing the Raoul-Yuri Ervier and Belkin fields, respectively. ASB-Geo holds a license for geological exploration of the Karabashsky-10 site in the KhMAD.
Spain's Repsol is pulling out of Russia as part of a change in its global strategy, national daily Kommersant reported earlier, citing sources. The company is selling its stakes in oil companies Evrotek-Yugra and ASB Geo to its Russian partner Gazprom Neft . The deal price will be "symbolic," the paper's sources said.
Kommersant said that Repsol is the first foreign company to pull out of Russian assets under the banner of decarbonisation, although the weak performance of the business in Russia also influenced the company's decision. Previously, western companies have limited investment in Russia due to U.S. and EU sanctions.