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Gazprom Neft sells 49% stake of subsidiary to Mubadala, RDIF

Russian oil producer PJSC Gazprom Neft said May 24 that it has signed an agreement to sell a 49% stake of its subsidiary Gazpromneft-Vostok LLC to United Arab Emirates-based Mubadala Petroleum LLC and the Russian Direct Investment Fund.

Following the close of the transaction, Gazprom Neft will own 51% of Gazpromneft-Vostok while Mubadala Petroleum will hold 44% and the remaining 5% will be taken by the RDIF. The deal represents Mubadala Petroleum's first investment in the Russian oil and gas sector.

The fields, which are operated by Gazpromneft-Vostok, hold approximately 40 million tons of proved and probable hydrocarbons. Oil production in 2017 totaled approximately 33,000 barrels per day with the crude produced at the fields sold on domestic and international markets.