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Gazprom sells Gazflot

Gazflot´s Arkticheskaya rig (photo: gazflot.ru)

One of Russia´s top offshore exploration companies might be up for sale.

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Gazprom is preparing for the sale of Gazflot, the 100 percent subsidiary specialized on offshore drilling, seismic exploration and geological engineering, newspaper Moskovskie Novosti reports.

Gazflot focuses exclusively on the Barents Sea, the Pechora Sea, the Yamal shelf and the Ob and Taz Bays. It has a branch company in Murmansk.

Gazprom reportedly wants to get rid of the exploration company ahead of its planned major investments in shipbuilding and offshore oil and gas facilities, RIA Novosti reports. According to the company´s long-term programme for the shelf, several dozens of tankers, service vessels, as well as rigs and platforms are planned built before year 2030.

With the selling of Gazflot, Gazprom might be able to significantly reduce its investments on the shelf, Moskovskie Novosti argues. Instead, it will be up to the new owners of Gazflot to take on the offshore investments.

Arkadii Rottenberg is believed to be the likely buyer of Gazflot. Rottenberg already in 2010 acquired the Gazprom Burenie (“Gazprom Drilling”) company for 4 billion RUB. Gazflot will be the perfect complementary match for Rottenberg, analysts say.

Read also: Coal company takes control over Murmansk Port

If buing the company, Mr. Rottenberg, a long time close associate of Prime Minister Vladimir Putin, will become a key player in the Arctic. From before, the business tycoon controls the company Stroygazmontazh, a main supplier of pipes to Gazprom. Curiously, Rottenberg also controls a major stake in the bank Severny Morskoy Put (“Northern Sea Route”), a company with a name nicely matching the activities he now looks set to embark on with Gazflot. According to Forbes, Mr. Rottenberg in 2011 had a net fortune of $1.1 billion.