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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  NK Rosneft' PAO    ROSN   RU000A0J2Q06

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Rosneft, Statoil Agree On JV To Develop Russia Arctic -Sources

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05/05/2012 | 11:00am CEST

Russian state oil company OAO Rosneft (>> Rosneft' NK OAO) and Norway's Statoil ASA (STO, STL.OS) have agreed to form a joint venture to develop Russia's mostly untapped offshore energy resources in the Arctic and are expected to sign the deal later Saturday, two people familiar with the matter told Dow Jones Newswires.

The deal is expected to be structured similar to the ones Rosneft signed in April with Exxon Mobil Corp. (XOM) and Italy's Eni SpA (E, ENI.MI) and follows Russia's approval of long-awaited tax breaks for the potentially rich offshore fields.

Russia is willing to give a prominent role to foreign companies willing to develop the shelf, Russia's energy czar, deputy Prime Minister Igor Sechin, said April 16, following the deal with Exxon.

An industry source said the role of Sechin, who is expected not to join the new Russian government to be announced in the following days, was prominent at all the three deals.

Rosneft declined to comment. Statoil wasn't available for comment.

-By Alexander Kolyandr, Dow Jones Newswires; +7 495 232-9192 alexander.kolyandr@dowjones.com

Stocks mentioned in the article : Rosneft' NK OAO
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Financials ($)
Sales 2017 97 196 M
EBIT 2017 11 487 M
Net income 2017 5 470 M
Debt 2017 44 609 M
Yield 2017 2,96%
P/E ratio 2017 10,34
P/E ratio 2018 7,29
EV / Sales 2017 1,01x
EV / Sales 2018 0,97x
Capitalization 54 012 M
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Mean consensus HOLD
Number of Analysts 11
Average target price 6,26 $
Spread / Average Target 23%
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Igor Ivanovich Sechin Chairman-Management Board & Vice Chairman
Andrey Removich Belousov Chairman
Petr Ivanovich Lazarev Finance Director
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Artur Matthias Warnig Deputy Chairman
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