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

12/17/2012

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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