Spain's Repsol buys Russian oil company Eurotek
By CHRISTOPHER BJORK
Spanish oil company Repsol said Thursday it has agreed to buy Russian oil firm Eurotek for $230 million, its second deal in the country in as many weeks.
In a regulatory filing, Repsol said Eurotek has exploration and production licenses in Siberia, including the gas fields of Yuzhno-Khadyryakhinskoye and Syskonsyninskoye.
The deal follows the Dec. 20 announcement of a new joint venture with Russian-Kazakh peer Alliance Oil Co. to focus on oil and gas exploration and production in the Russian Federation.
The venture, called AROG, has $840 million in capital and Repsol said Thursday it will fold Eurotek into this new company. Alliance owns 51% of the joint venture and Repsol 49%.
Repsol also owns a 3.5% stake in Alliance as a result of the 2008 merger between Alliance and West Siberian Resources, in which Repsol initially held 10%.
Repsol said it was advised by Barclays Capital and DLA Piper in the transaction.
Dow Jones Newswires
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