Rosneft has consolidated 100% in Taas-Yuryakh Neftegazdobycha

On October 14th 2013, Rosneft consolidated 100% in Taas-Yuryakh Neftegazdobycha for its subsidiary RN-Eastern Siberia. The measure will improve efficiency of development of the Srednebotuobinsky oil and gas condensate deposit, one of the largest in Eastern Siberia and create the infrastructure for further exploration and the development of the regional reserves. Control over Taas-Yuryakh Neftegazdobycha will help to consolidate the reserves of the Srednebotuobinsky deposit at Rosneft’s balance, and to increase production of the company.

Eastern Siberia is the priority region for Rosneft. Srednebotuobinsky is one more new high-grade deposit in Rosneft’s portfolio. Oil production there began in 2013, and is likely to achieve 1 million tons in 2014, and to exceed 5 million tons a year from 2017. Oil supplies from the deposit will be delivered to Rosneft’s oil refining and chemical plants at Far East and in China under the long-term contracts. Concerning the fact that oil supplies from Taas-Yuryakh Neftegazdobycha will be dlivered to Rosneft’s oil refining and chemical plants and Tianjin oil refinery, the company started negotiations for the attraction of a strategic investor, with which the company has achieved the preliminary agreement. Besides from that, gas reserves development of Srednebotuobinsky will increase gas yield, approaching the targets set in the gas strategy, the president of the company I. Sechin says.