Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/05/2012 | 03:02pm CEST

(Adds analyst's comment in the third and fourth paragraphs, along with background and no-comment from Statoil after sixth paragraph.)

Russian state oil company 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. (>> Exxon Mobil Corporation) and Italy's Eni SpA (E, ENI.MI) and follows Russia's approval of long-awaited tax breaks for the potentially rich offshore fields.

"The deal has been discussed for some time, and it's really good that it's finally done," Troika Dialog analyst Valery Nesterov said.

"It's a sign that Russia is eager to intensify exploration at the Arctic shelf, and is trying to minimize risks by diversifying the partners," he added.

Russia is willing to give a prominent role to foreign companies that are willing to develop the shelf, Russian Deputy Prime Minister Igor Sechin, said April 16, following the deal with Exxon. Russia is facing declining oil production from its traditional oil regions and is eager to attract Western energy companies with money and expertise to develop the Arctic shelf.

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 three deals.

Russian President-elect Vladimir Putin, who is to be inaugurated Monday, will also be present at the signing ceremony, people said, as he was with the previous two.

Statoil is not a novice to Russia, being one of the first of the Western majors to open an office in Moscow after the collapse of communism. However, until recently it has failed to secure any big deal in the country. Statoil is part of an international consortium, together with Total SA (TOT, FP.FR) and Gazprom (OGZPY, GAZP.RS), to develop the Shtokman liquefied natural gas project off the Russian Arctic Circle, but the project has suffered a number of delays on the investment decision.

Together with Russia's second-largest oil company, Lukoil Holdings (LUKOY, LKOH.RS), Statoil is developing the West Qurna-2 field in Iraq but is planning to sell its stake to the partner.

Rosneft and Statoil declined to comment.

-By Alexander Kolyandr, Dow Jones Newswires; +7 495 232-9192 [email protected]

Stocks mentioned in the article : Rosneft' NK OAO, Exxon Mobil Corporation
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NK ROSNEFT' PAO
04/25 NK ROSNEFT' : Samaraneftegaz launches exploratory works in the new licensed bloc..
04/24 NK ROSNEFT' : Rosneft BOD Recommends Dividends at 5.98 Rubles per Share, which C..
04/19 NK ROSNEFT' : Exxon will not say if it is seeking waiver from Russia sanctions
04/19 NK ROSNEFT' : A working meeting between Igor Sechin and Ramzan Kadyrov took plac..
04/18 Despite alliance, Russian shipper holds Venezuela oil hostage over debts
04/13 NK ROSNEFT' : Joint statement of Rosneft and the Chechen Republic
04/11 NK ROSNEFT' : Rosneft Acquires a Strategic Asset in the New Production Cluster i..
04/05 NK ROSNEFT' : RN-Uvatneftegaz launches new power plant at Ust-Tegusskoe field
04/03 NK ROSNEFT' : Rosneft started the drilling of the northernmost well at the Russi..
03/31 NK ROSNEFT' : Rosneft discovered a new field in Bashkiria
More news
Sector news : Integrated Oil & Gas
03:12pDJROYAL DUTCH SHELL A : Motiva Reports Emissions at Port Arthur, Texas, Refinery
04/24DJEnergy Firms' $5.1 Billion Financing for Russia Gas Pipeline Stokes EU Fears ..
04/24DJEnergy Firms' $5.1 Billion Financing for Russia Gas Pipeline Stokes EU Fears ..
04/24 Gazprom's Western partners agree financing for $10.3 billion Nord Stream 2 pi..
04/24 OMV to secure long-term financing for 30 percent of its Nordstream 2 share
More sector news : Integrated Oil & Gas
News from SeekingAlpha
04/19 WSJ : Exxon seeking to resume work on Russia venture curtailed by sanctions
04/13 WALL STREET BREAKFAST : Investors Gauge Trump Reset
04/13 Venezuelan state oil company eludes default
04/11 Russian control of U.S. oil infrastructure feared if Venezuela defaults
04/03 Rosneft seeks to expand Middle East trading
Advertisement
Financials ($)
Sales 2017 101 004 M
EBIT 2017 15 391 M
Net income 2017 8 402 M
Debt 2017 38 234 M
Yield 2017 3,31%
P/E ratio 2017 7,53
P/E ratio 2018 5,76
EV / Sales 2017 0,98x
EV / Sales 2018 0,92x
Capitalization 60 447 M
More Financials
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 6,46 $
Spread / Average Target 13%
Consensus details
EPS Revisions
More Estimates Revisions
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
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
NK ROSNEFT' PAO60 447
ROYAL DUTCH SHELL A-7.25%218 153
PETROCHINA COMPANY LIM..-2.64%197 016
TOTAL-1.84%128 544
PETROLEO BRASILEIRO SA..-5.65%60 319
ENI SPA-6.40%57 598
More Results