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Mubadala, Russian wealth fund buy 49% stake in Gazpromneft-Vostok

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Mubadala, Russian wealth fund buy 49% stake in Gazpromneft-Vostok

Mubadala Petroleum LLC and the Russian Direct Investment Fund completed a deal to buy a 49% stake in oil venture Gazpromneft-Vostok LLC from PJSC Gazprom Neft, according to a Sept. 5 news release.

The venture will develop oil fields in the Tomsk and Omsk regions of western Siberia. Financial terms were not disclosed.

With the completion of the deal, Mubadala and RDIF own 44% and 5% interests, respectively, in Gazpromneft-Vostok, which operates 13 fields. Gazprom Neft holds a 51% stake in the venture and will remain as operator of the fields.

The Gazpromneft-Vostok joint venture represents Mubadala Petroleum's entry into the Russian oil and natural gas sector.

The partners will determine the long-term strategy of Gazpromneft-Vostok, "focusing on efficiency in exploration and production activities at the fields as well as at pre-Jurassic hydrocarbon deposits," the release said.