Gazprom to buy 92.25% of Kamchatgazprom

Directors of Gazprom have approved the acquisition of a 92.25% interest in Kamchatgazprom from Rosneftegaz in a deal that will give the company control over gas production, transmission, and distribution in Kamchatka Territory in far eastern Russia.

The 2.85 billion-ruble ($90 million) deal was directed by the Russian government in 2009.

Gazprom has worked in the region since 2007 in a project to supply gas to Petropavlovsk-Kamchatsky, the capital.

It built a gas trunkline between Sobolevo and Petropavlovsk-Kamchatsky in 2010 and completed predevelopment work last year of Kshukskoye and Nizhne-Kvakchikskoye gas-condensate fields, from which it plans to produce 750 million cu m/year of gas.

Kamchatka Territory Federal Property Management Agency holds a 7.731% interest in Kamchatgazprom.