Russia's Novatek Puts Up $1.4B For Major Nortgas Stake

Law360, New York (November 6, 2012, 12:17 PM EST) -- Russia’s largest independent gas producer Novatek OAO has agreed to pay $1.4 billion for a 49 percent stake in fellow gas producer Nortgas in a move to ramp up its hydrocarbon reserves, Novatek said Tuesday.

Under the terms of the deal, Novatek — Russia’s second-largest gas producer overall — will purchase the sizable minority stake from Russian investment firm R.E.D.I. Holdings. Novatek said it expected to finalize the transaction by the end of the year.

Nortgas holds the hydrocarbon production license for the Severo-Urengoyskove field, located...
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