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Rosneft to Buy Alrosa Gas Assets

Rosneft has agreed to buy gas assets from diamond miner Alrosa for $1.4 billion, in a drive to expand its natural gas business, Rosneft said Friday.

Rosneft also said the acquisition of Alrosa assets in the Yamal-Nenets autonomous district and in the epublic of Sakha would increase its recoverable gas reserves by more than 200 billion cubic meters.

Led by Igor Sechin, Rosneft has ambitions to become Russia's second-largest gas producer with output of 100 bcm of gas a year by 2020, up from about 13 bcm last year, compared with dominant gas producer Gazprom's 479 bcm.

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