Rosneft has consolidated its stake in ITERA Oil and Gas Company, says the state-run corporation’s official press release.

      The Russian oil giant acquired the remaining 49 percent from Itera Holdings Limited for $2.9 billion.

      The deal will empower Rosneft to accelerate the development of the Kynsko-Chaselsk group of fields.

      Earlier, in August 2012 Rosneft and ITERA set up a joint venture whose consolidated proved and probable reserves under international classification amount to 427.2 bcm of gas and 25.8 million tonnes of liquid hydrocarbons.