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situation report

Oct 9, 2017 | 16:41 GMT

1 min read

Egypt: Russian Oil Company Acquires 30 Percent Stake In Egyptian Natural Gas Field

Russia's top oil producer, Rosneft, acquired a 30 percent stake, worth $1.125 billion, for the development of Egypt's Zohr natural gas field, the largest in the Mediterranean Sea, TASS reported Oct. 9. Rosneft acquired the stake from an Italian oil and natural gas company, Eni SpA, which owns a 60 percent stake. The agreement to develop the largest deep-water natural gas field is a partnership between Rosneft, Eni, and BP, which owns a 10 percent stake. Rosneft will likely invest a total of around $4.5 billion in the project over a period of four years. The project is expected to export natural gas to Europe and the Middle East. The Zohr natural gas field was discoverd by Eni in 2015.

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