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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 CET

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 2016 77 462 M
EBIT 2016 11 331 M
Net income 2016 4 114 M
Debt 2016 46 033 M
Yield 2016 2,53%
P/E ratio 2016 19,02
P/E ratio 2017 7,38
EV / Sales 2016 1,42x
EV / Sales 2017 1,06x
Capitalization 63 866 M
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Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 6,43 $
Spread / Average Target 6,6%
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Managers
NameTitle
Igor Ivanovich Sechin Chairman-Management Board & Vice Chairman
Andrey Removich Belousov Chairman
Petr Ivanovich Lazarev Finance Director
Valeriy Vladimirovich Nikitin Director-Information Technology
Artur Matthias Warnig Deputy Chairman
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