An official from Russia’s federal anti-monopoly service said recently that Beijing Gas had filed an application to obtain permission to acquire a 20% stake in Verkhnechonskneftegaz, a wholly-owned subsidiary of Rosneft. Under Russian law, the anti-monopoly service has one month to issue an approval, which is a key regulatory hurdle for the deal to overcome.
Rosneft will receive about $1.1 billion for the stake and is expected to use the funds to pay back some of its debt to international banks.
Rosneft
