Rosneft plans to take over ITERA, a private natural gas company in the CIS and the Baltic States that is experienced in exports of natural gas. The company has been developing the production of gas in the Yamalo-Nenets Autonomous Region of Western Siberia (Russia) since 1998.
Rosneft already owns 51% of ITERA and has now approved the purchase of an additional 49% stake for about US$3bn. Rosneft has ambitious plans to produce 40 bcm of gas in 2013, 60 bcm in 2016 and 100 bcm in 2020, so strengthening its gas project portfolio is in line with that strategy. The group aims to raise its share in the domestic gas market from 9% to 19-22% by 2020, which remains far behind Gazprom's share (73% in 2012, from 80% in 2008). The slight erosion in Gazprom's market share reflects the rising output of low cost gas from independent producer Novatek and increasing sales by oil companies with associated gas.
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