Russian state oil giant OAO Rosneft
(ROSN.RS) has bought a 6% stake in independent gas producer Itera
Holding as the crude producer seeks to expand it position within the gas
market.
Financial details of the purchase were not disclosed when Rosneft
announced the deal Friday on its website.
Rosneft,
which controls roughly 25% of Russian crude production, has been
looking to expand into the gas market, calling it "a priority for the
company."
The company produced about 12 billion cubic meters of gas last
year--or approximately 2% of the country's total output.
Itera is a privately held Russian company which produces over
20 billion cubic meters of gas a year.
In February, Rosneft
and Itera signed a joint venture deal to develop natural gas reserves
in Russia. Rosneft
said at the time that it hoped to produce 40 billion cubic meters of
natural gas a year through the deal.
Rosneft
later filed a petition with the federal anti-monopoly service for
permission to buy up to 51% of Itera.