PRESS: QIA in talks to buy 49% in Russia’s Novatek, Fund Energy’s JV

MOSCOW, Jan 26 (PRIME) -- The Qatar Investment Authority (QIA) can acquire 49% in Yargeo, a joint venture between Russian gas producer Novatek and Fund Energy of Russia’s former energy minister Igor Yusufov, business daily Vedomosti reported Thursday, citing three people close to several Yargeo owners.

A consortium of the QIA and Glencore bought a 19.5% stake in Russian oil major Rosneft for 692 billion rubles in late 2016. On Wednesday, Russian President Vladimir Putin met with the executives of the new Rosneft shareholders. The Qatari fund will participate in oil and gas development in Russia, Putin said without elaboration.

QIA CEO Abdullah al-Thani said that the fund had signed “one more deal which would imply investments of an additional U.S. $2 billion.”

The sources of Vedomosti said that Fund Energy is seeking for a buyer for its stake. A source close to one of the Yargeo shareholders said that the QIA has been considering buying the stake. The fund is one of the competitors for the asset.

Yargeo develops the Yarudeiskoye deposit in the Yamalo-Nenets Autonomous District with a target output level of 3.5 million tonnes of oil a year, Vasily Tanurkov of the Analytical Credit Rating Agency told Vedomosti.

One of the sources close to a participant of the Rosneft privatization deal said that the QIA and Rosneft can carry out joint projects.

(59.1489 rubles – U.S. $1)

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