Rosneft, Moscow, (Russia, London: ROSN) plans to acquire a 35.3% stake in Taas-Yuryakh Neftegazodobycha in Russia from bank Sberbank Rossii, Moscow, (Russia: SBER) for US$444 million.

Taas-Yuryakh Neftegazodobycha holds production licenses for the Srednebotuobinsk oil and gas condensate field, which is 160 kilometers north of the ESPO pipeline. Recoverable oil reserves of the field are estimated at 90.9 million tonnes of C1 and 38.9 million tonnes of ?2 category.

Until 2009, the 35.3% stake in Taas-Yuryakh Neftegazodobycha was held by Urals Energy, which in the course of the financial crisis in 2008 to 2009 had to hand over the asset to Sberbank Capital to cover overdue loans. The remaining stakes are held by Yakut Energy Ltd. (37.4%), Finfund Ltd. (16.8%) and Limenitis Holding Ltd. (10.5%). The latter is part of the Ashmore Investment Management Group.

Rosneft president Eduard Khudainatov says, “The acquisition is a major step forward in strengthening Rosneft's world-class reserve base in Eastern Siberia and ensuring deliveries to the Eastern Siberia - Pacific Ocean pipeline. Together with the Yurubcheno- Tokhomsk field, these projects will form the foundation of the Company's East-Siberian production cluster within the next few years. After closing the deal with Sberbank, Rosneft will be working with other shareholders of Taas-Yuryakh Neftegazodobycha to ensure the success of the project.”

Sberbank president and chairman Herman Gref says, “We are glad to see the Srednebotuobinsk project gain a strategic investor. I am certain that we will keep working with Rosneft to expand our cooperation, on this project and beyond."