Last Updated January 25, 2008
Soci&eaute;té Générale has won the role as financial advisor on a €
2bn reserve-based lending facility for Russian oil company Severneftegazprom (SNGP), a 100% subsidiary of Gazprom. The funds will be used for the development of the Yuzhno-Russkoye gas condensate field in Western Siberia.
As of January 1, 2007, the proven reserves of the field are 805.3billion cubic metres of gas and 5.7mn tones of oil.
The startup complex was put into operation in October. The field is expected to reach a 25bcm capacity by 2009.
In 2007, Gazprom and BASF signed an agreement on a share swap. Under the terms of the agreement, Gazprom is increasing its stake in Wingas up to 50% minus one share. Wingas was formed in 1993 as a joint venture between Gazprom, and Wintershall, a wholly-owned company of BASF and Germany's largest crude oil and natural gas proucer. In turn, BASF acquired a 25% stake minus one voting share and one share without voting rights. This means the German company has the equivalent of a 10% stake in the Severneftgasprom project.
Reader Comments