Russia's Novatek Says to Get $980M for Gas Firm Stake Sale

Reuters

MOSCOW, April 1 (Reuters) – Russia's No.2 gas producer Novatek said on Tuesday it has agreed to sell a 9.8 percent stake in SeverEnergia to Gazprom Neft for $980 million, in a deal which would split control over the gas firm evenly.

Before the deal, Novatek controlled 59.8 percent of the joint venture, with Gazprom Neft holding the remaining 40.2 percent equity stake.

SeverEnergia, with assets in Russia's North, is expected to produce 36 billion cubic metres of gas and liquids per year by 2017.

(Reporting by Vladimir Soldatkin, editing by Megan Davies)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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