Rosneft Got $1.7bn As A Stake Buyback

Russian state oil firm Rosneft sold its shares in joint ventures with gas producer Gazprom back to it for $1.7 billion to fund its purchase of Yuganskneftegaz, according to Russian newspaper Kommersant.

The paper cited san industry source as saying Gazprom had agreed to buy back the stakes in the Arctic ventures to help Rosneft pay for Yuganskneftegaz, sold by the government at auction on Dec. 19 for $9.4 billion.

Both Gazprom and Rosneft declined to comment on the report.