Russia's Novatek in talks with European gas utilities

10/31/2012

Russia's Novatek in talks with European gas utilities

MOSCOW -- Novatek is in talks with European utilities, particularly in Germany, about increasing trading operations. The company's chief executive Leonid Mikhelson said, "We are negotiating with potential customers that would enhance trading operations."

Novatek has already signed a contract with German utility EnBW to supply 2 Bcm of natural gas per year from the fourth quarter of 2012 for a period of 10 years.

State controlled Gazprom is Russia's monopoly exporter, but analysts say the government may soon allow other companies to export natural gas in response to calls to open up the country's export sector.

Dow Jones Newswires

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