Novatek OAO Closes Deal to Buy 49% in Northgas-Prime

Prime reported that Novatek OAO has closed a deal to buy 49% in Nortgaz ZAO (Northgas) for USD 1.375 billion from R.E.D.I. Holdings, controlled by businessman Mr. Farkhad Akhmedov, Novatek OAO said in a statement on November 27, 2012. The purchase was approved by Novatek OAO’s Board of Directors in early November 2012. The Company also plans to buy 1% in Northgas, which develops the Severo-Urengoi gas field in the Yamalo-Nenets Autonomous District near - and the Company’s processing and transport facilities - from Gazprom OAO, which holds 51% in Northgas.