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3 Apr, 2008 11:10

Gazprom poised to snap up Siberian gas field

Gazprom is well on its way to taking over the huge Kovykta gas field in Siberia. The deal is part of a strategic agreement between Gazprom, Britain’s BP and TNK-BP signed in June 2007.

The current licence holder, TNK-BP, expects the sale to be completed by the end of April.

The deadline for the Kovykta deal was put back several times for technical reasons.

TNK-BP's management made it clear on Thursday that none of its shareholders were in talks to sell out the company – a joint Russo-British venture.

The field’s reserves are estimated at 2 trillion cubic metres of natural gas, 2.3 billion cubic metres of helium and 115 million metric tons of gas condensate.

Meanwhile, Gazprom has announced it is issuing a 1.5 billion dollar Eurobond to finance the company’s development and the restructuring of its short-term debt.