Bought 49% of JV Gerogaz, which develops Yuzhno-Russkoye Field, Russia.
Gazprom Neft, Moscow, (Russia: SIBN ) has acquired 49% of Gerosgaz from joint-venture partner E.ON Ruhrgas AG, Dusseldorf, Germany, (Frankfurt: EOAN) in exchange for E.ON for receiving 25% of the charter capital of Severneftegazprom by the end of the year. Gerozsgas owns 2.93% of Gazprom. The ownership of Severneftegazprom is now Gazprom 50% plus six ordinary registered shares; BASF AG 25% minus three ordinary registered shares and three preferred shares without voting rights; and E.ON 25% minus three ordinary registered shares and three preferred shares without voting rights. The Gerogaz joint venture develops Yuzhno-Russkoye oil and gas field in the Krasnoselkupsk District of the Yamalo-Nenets autonomous district. Gazprom management committee chairman Alexey Miller says, "By implementing this asset exchange transaction, Gazprom and E.ON have once again demonstrated a successful development of long-term Russian-German cooperation in the energy sphere. Now our companies are partners in the area of gas production as well. Unique experience of developing the Yuzhno-Russkoye field will not only allow Gazprom and E.ON to strengthen their business ties, but will also serve as further confirmation of our mutual trust and friendship." E.ON chief executive Bernhard Reutersberg says, "For over 35 years we have been cooperating closely with Russia. Activity of our interaction has once again been illustrated by our entry in a production project in Russia, development of the Yuzhno-Russkoye field. Implementing new business initiatives we are at the same time coming considerably closer to our upstream goal: in the long run E.ON intends to increase the production level of our own fields up to at least 10 billion cubic meters of gas."