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Novatek to Buy Stake in Nortgas for $1.38B

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Russia's largest independent gas producer OAO Novatek has agreed to buy a 49% stake in gas-producer Nortgas for $1.38 billion, Novatek said in a statement Tuesday.

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

Novatek will purchase the stake from R.E.D.I. Holdings, and the deal will close by the end of the year, the company said.

Russian state-controlled gas giant OAO Gazprom owns 51% of Nortgas.

"The ability to acquire a significant asset such as Nortgas is consistent with our overall strategy to expand our reserve base and raise our production profile in our core region of operations," said Novatek Chief Executive Leonid Mikhelson.
 

Copyright (c) 2012 Dow Jones & Company, Inc.

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