Russian oil giant Rosneft announced on Monday that it has purchased a 30 percent stake in the Zohr gas field, the largest gas reservoir in the Mediterranean, from Italian Eni for $1.13 billion.
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The Russian company also reported that it has reimbursed the Italian company for its share of the costs of previous projects, without disclosing the amount. Rosneft expects that this transaction will provide it with experience in the development of offshore gas fields.
Eni discovered the Zohr field in 2015 off the coast of Egypt. The gas reserves in the field, which covers an area of 231 square kilometers, exceed 850 billion cubic meters and are the largest in the Mediterranean.
– Participation in the development of this unique production asset will strengthen Rosneft’s positions in the strategic markets of Europe and the Middle East, the Russian company stated, which is majority-owned by the government in Moscow.
