Uchenna Izundu
International Editor
LONDON, Sept. 12 -- OAO Gazprom will delay buying from TNK-BP a stake in the Kovykta gas field in Eastern Siberia until Dec. 1 so that it has more time to value the assets. Gazprom has expressed concern that the assets are not worth the current negotiated price.
Gazprom and TNK-BP expected to conclude the $700-900 million deal in September after signing a memorandum of understanding earlier this year (OGJ Online, June 22, 2007). Based on the MOU, TNK-BP agreed to sell to Gazprom its 62.89% stake in Rusia Petroleum OJSC—the company that holds the license for Kovykta gas field. The field lies 450 km from Irkutsk in the north of the Irkutsk region and holds resources of 2 trillion cu m of gas in place.
Also based on the MOU, TNK-BP will sell its 50% interest in East Siberian Gas Co., which is building the regional gasification project.
Contact Uchenna Izundu at [email protected].
