Linklaters advises as Rosneft sells stakes in its subsidiary to Indian consortium

Linklaters has advised Rosneft (acting by the wholly owned subsidiary RN-Razvedka i Dobycha) as it signed a binding agreement to sell 29.9% participatory share in its Taas-Yuryakh Neftegasodobycha subsidiary to a consortium of three Indian companies: Oil India, Indian Oil and Bharat Petroresources.

Taas-Yuryakh Neftegasodobycha operates one of the largest oil and gasfields in eastern Siberia.

The document was signed by Rosneft Chairman of the Management Board Igor Sechin, Oil India Limited Chairman of the Board of Directors Upendra Singh, Indian Oil Corporation Chairman of the Board of Directors Balasubramanian Ashok and Bharat Petroresources Limited Managing Director Raji Kumar in the presence of the Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan.

The document allows the Indian companies' consortium to enter into the joint venture (JV) established by Rosneft and BP on the basis of Taas-Yuryakh Neftegasodobycha. Rosneft will retain a majority stake in the JV. The transaction will be closed after set of condition precedents are accomplished and Rosneft’s Board of Directors approval is obtained.

The Linklaters team was led by Corporate partner Grigory Gadzhiev and included associates Kirill Donskikh and Maxim Solomin alongside lawyers in London, Brussels, China and Singapore.

For more information, contact Surinder Sian on 0207 456 4842