Equinor in $550 mln deal to buy 49% in Rosnef unit in East Siberia

MOSCOW, Dec 11 (PRIME) -- Norway’s Equinor has acquired 49% in KrasGeoNaC, a subsidiary of Russian oil major Rosneft that owns 12 licenses for the sites in Eastern Siberia, for U.S. $550 million, the company said in a statement on Friday.

“Equinor has completed an agreement with Rosneft that increases its onshore presence in Russia. Through this agreement Equinor has acquired a 49% interest in the limited liability company LLC KrasGeoNaC (KGN) which holds twelve conventional onshore exploration and production licenses in Eastern Siberia,” the company said.

The $550 million deal includes a $325 million cash and customary adjustments. “As part of this agreement, Equinor has redirected its remaining exploration commitments offshore in the Sea of Okhotsk and as such has no outstanding obligations in that area,” Equinor said.

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