Russia’s Rosneft buys Armenia’s Petrol Market

Russian state oil giant Rosneft has acquired Armenia-based gas station chain Petrol Market for $40 million, reported Arka News Agency.

Rosneft finalized the deal acquiring 100% share of Petrol Market in August 2015, detailed a news.am report.

Petrol Market owns and operates a network of 22 gas stations and three tank farms in Armenia.

According to a separate report by Interfax Russia, the deal is in line with Rosneft’s plans to expand its presence in the Caucasus and Central Asian markets.

Rosneft, the largest oil and gas company in Russia, lists state-owned Rosneftegaz as its main shareholder owning 65% of the company and BP as its major shareholder, which controls 19.75% stake.