MOSCOW, September 12 (RIA Novosti) - Russian energy giant Gazprom and Russian-British joint venture TNK-BP have extended the timeframe for finalizing the deal on Siberia's Kovykta gas field until December 1, Gazprom said.
The extension is due to "the high volume of work evaluating the assets and organizing the transactions," the gas monopoly said.
On June 22, 2007 Gazprom signed an agreement 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.
Under the agreement with BP, Gazprom should also obtain a 50% stake in the East Siberian Gas Company designed to supply Kovykta gas to the Irkutsk Region in East Siberia. 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%).
TNK-BP has assessed its stake in Rusia Petroleum and the East Siberian Gas Company intended for sale to Gazprom at $764 million.
Alexander Medvedev, deputy chairman of Gazprom's Management Committee, said earlier his company believed TNK-BP's assets at Kovykta were worth $600 million-$700 million and planned to complete the deal according to schedule, or within 3 months from the date of signing.
