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Mubadala completes oilfield deal in Russia

Mubadala Petroleum, Gazprom Neft and the Russian Direct Investment Fund (RDIF), the sovereign wealth fund of the Russian Federation, have announced the completion of a deal on investment in oil production in Russia’s Western Siberia.
According to an announcement on Wednesday, Gazprom Neft has now completed its sale of a 49 per cent interest in Gazpromneft-Vostok, operator of 13 fields, to Mubadala Petroleum and RDIF.

Following the completion of this transaction, Gazprom Neft now holds a 51 per cent interest in the joint venture, with Mubadala Petroleum and RDIF holding 44 per cent and 5 per cent equity, respectively.
“The acquisition of a 44 per cent interest in the Gazpromneft-Vostok joint venture is another important step in Mubadala Petroleum’s drive for sustainable and profitable growth, marking our entry into Russia and adding valuable oil production to our existing portfolio,” Dr Bakheet Al Katheeri, CEO of Mubadala Petroleum, said in a statement.
“Partnering with Gazprom Neft, a leading Russian operator, and RDIF will not only provide us with significant co-investment opportunities, but will also further develop our own oil and gas expertise and capabilities, as well as exploration and production technologies.”

Source: Gulf News

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