Linklaters has advised Rosneft on the sale of 20% of the ordinary shares in PJSC Verkhnechonskneftegaz, one of the largest producing subsidiaries of the Rosneft Group, to the Beijing Gas Group Co. The sale includes a related joint venture established for the purposes of further exploration of the Verkhnechonskoye field.
Linklaters describes Beijing Gas Group as "one of the largest distributors of natural gas in China." The new joint venture will allow Rosneft to continue the exploration of the significant resource base of the Verkhnechonskoye field, which includes natural gas hydrocarbons, while providing an opportunity to access the local gas market of China.
According to Linklaters, "the sale and joint venture is the fifth major transaction that Rosneft has undertaken with a foreign oil and gas major in relation to its production facilities in Eastern Siberia over the last two years and the fourth in which Linklaters has advised."
The Linklaters team was led out of its Moscow office by Corporate Partner Grigory Gadzhiev and Managing Associate Maxim Solomin. Other network offices involved included Beijing, Singapore, Brussels, and London.
Linklaters did not reply to our inquiry about counsel for the Beijing Gas Group Co.
