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2016-11-08 18:50:00

ROSNEFT & BGC DEAL: $1.1 BLN

ROSNEFT & BGC DEAL: $1.1 BLN

OGE wrote, Rosneft and Beijing Gas Group Company Limited (hereinafter, "Beijing Gas") signed a Purchase and Sale Agreement and a Shareholder and Operating Agreement for the sale of a 20% stake in Verkhnechonskneftegaz (a Rosneft subsidiary) to the Chinese company, an Agreement on the Area of Mutual Interest in respect of the adjoining license areas and an Agreement on the cooperation in the gas business. The transaction execution agreement was signed in the presence of the Prime Minister of the Russian Government Dmitry Medvedev and Premier of the State Council of the People's Republic of China Li Keqiang by Rosneft Chief Executive Officer Igor Sechin and Beijing Gas Group Chairwoman of the Management Board Li Yalan.

Legally binding documents were signed following the agreements reached by the companies in the course of the Russian President Vladimir Putin's visit to China in June 2016 and provide for the base value of the acquired 20% share is c. USD 1.1 bln. The closing of the deal will be performed in accordance with the required procedures, including the obtaining of needed regulatory approvals.

The achieved evaluation is USD 3.2 per barrel of oil equivalent reserves (in terms of 2P category using PRMS method) and reflects high potential of the Verkhnechonskneftegaz's resource base.

This transaction will allow Rosneft to fully implement the significant development potential of the Verkhnechonsk field, including gas production, and to confirm the strategic partnership with one of the largest distributors of natural gas in China. Within the framework of the deal an integrated cooperation formation is being created: the Chinese company will obtain a share in one of East Siberia's largest producing fields with a developed infrastructure and access to the ESPO pipeline; whilst Rosneft will obtain the possibility to access the local gas market of China, including end-customers, by means of swap supplies of gas.

The decision of the Chinese government to converse Beijing power generation from coal to gas and the accelerated transition of automotive transport of China to natural gas motor fuel open wide perspectives for a significant expansion of Rosneft activities in the Chinese market.

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Earlier:

ROSNEFT: 

ROSNEFT & BP: YERMAK NEFTEGAZ 

ROSNEFT WILL BUY INDIA 

ROSNEFT BOUGHT BASHNEFT 

ROSNEFT'S STRATEGIC INVESTMENT 

ROSNEFT SOLD $2 BLN 

ROSNEFT & PERTAMINA AGREEMENT

 

CHINA: 

CHINA OIL IMPORTS UP 

CHINA'S OIL PRODUCTION DOWN BY 10% 

SOUTHEAST ENERGY WAR 

CHINEESE MONEY FOR RUSSIA 

CHINA'S OIL PRODUCTION DOWN 

RUSSIA & CHINA OIL RECORD

 

Tags: ROSNEFT, BGC, RUSSIA, CHINA

Chronicle:

ROSNEFT & BGC DEAL: $1.1 BLN
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

ROSNEFT & BGC DEAL: $1.1 BLN
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

ROSNEFT & BGC DEAL: $1.1 BLN
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

ROSNEFT & BGC DEAL: $1.1 BLN
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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