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Gazprom gets ok to sell 51% of Nortgas to Gazprom Neft

MOSCOW -- Russia' s anti-monopoly regulator said it had approved the sale Gazprom of its 51% stake in gas producer Nortgas to its subsidiary Gazprom Neft.

The financial details of the sale weren' t immediately disclosed.The approval put to rest suggestions by Gazprom officials that the company was considering selling a 1% stake in Nortgas to Novatek which had bought 49% of Nortgas in November.

Nortgas holds the hydrocarbon production license for the Severo-Urengoyskoye field, that is located in the Yamal-Nenets autonomous district and is in close proximity to Novatek' s existing production, transportation and processing infrastructure. The field produced 3.1 Bcm of natural gas in the first nine months of this year.

Novatek purchased the 49% stake from R.E.D.I, and the deal is expected to close by the end of the year, the company said. Gazprom had considered selling Novatek a further 1% share in order to reduce its mineral extraction tax rate, officials said last month.

Dow Jones Newswires



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