Rosneft purchases a 6-percent stake in Itera

Russian state-controlled oil major Rosneft has acquired a 6% stake in independent natural gas producer Itera, RBC reports citing Rosneft statement.

The two companies are expected to form a joint venture to develop gas assets in the Yamalo-Nenets Autonomous District in West Siberia by July 2012. The JV will have production and marketing operatorship of Rosneft and Itera's gas. The two companies have also agreed to expand the gas business by taking over upstream gas assets.