• Wednesday, 16 May, 2012

Gazprom buys Kovykta field

A view of part of the production station of the Kovykta gas field in the Irkutsk region in eastern Siberia in this undated file photo. The chairman of gas monopoly Gazprom is to host a meeting at the Kremlin on June 22, 2007 to discuss BP Plc, the Kremlin said, in a sign that a deal to sell all or part of its Siberian field was imminent. REUTERS/Handout (RUSSIA)

Kovykta: Gazprom bought the giant gas field at an auction today

REUTERS

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By News Wires

 01 March 2011 08:47 GMT

Russian gas export monopoly Gazprom bought the assets of the bankrupt operator of the Kovykta gas field at auction today, and will obtain the right to develop the deposit.

"The licence will be re-registered, and the winner has the pre-emptive rights to acquire the licence," a spokesman for the sale organiser told Reuters. He declined to say how big Gazprom's winning bid was.

However the Interfax news agency quoted a source as saying Gazprom paid 22.3 billion roubles ($773.2 million) for the giant gas field.

Rights to the field, with enough reserves to cover world gas needs for 8 months, were held by a unit of Anglo-Russian company TNK-BP, BP's Russian joint venture.

TNK-BP last year filed to bankrupt its Kovykta subsidiary, Rusia Petroleum, to recover its investments, after failing to win approval to export gas from the field to China.

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