Russia's Rosneft takes part of Egyptian gas field for $1.6B

MOSCOW (AP) — Russia's state-owned oil giant, Rosneft, is buying a 30 percent stake in an offshore Egyptian gas field in a deal worth $1.6 billion.

The Russian company will pay $1.125 billion for the holding in the Shorouk concession, which contains the giant Zohr gas field, and $450 million to cover past expenditures on the project.