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Gazprom says no need for extra funds to buy Kovykta license

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Russian energy giant Gazprom [RTS: GAZP] does not plan to raise extra funds to finance the purchase of a controlling stake in a vast Siberian natural gas field, a Gazprom executive said Thursday.
MOSCOW, June 28 (RIA Novosti) - Russian energy giant Gazprom [RTS: GAZP] does not plan to raise extra funds to finance the purchase of a controlling stake in a vast Siberian natural gas field, a Gazprom executive said Thursday.

Gazprom signed an agreement last week with British oil major BP to buy a controlling stake in Rusia Petroleum, the operator of the Kovykta gas field, from TNK-BP following months of pressure from regulators.

"Currently, we do not plan to raise funds in addition to the volume of loans approved by the company. These funds are not required under the investment program, or the program of borrowings and cash flows generated by the company," said Andrei Kruglov, the head of Gazprom's department for finance and economics.

Under the agreement with BP, Gazprom will also obtain a 50% stake in the East Siberian Gas Company designed to supply Kovykta gas to the Irkutsk Region. Gazprom will pay between $700-900 million under the deal.

As well as TNK-BP, Rusia Petroleum is owned by Interros (25.8%) and the local administration (11.2%).

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