Novatek OAO's and Gazprom neft' OAO's 50/50 Joint Venture Yamal Development to Acquire 60% Stake in Artic Russia B.V. from Eni SpA

Wednesday, 20 Nov 2013 06:00am EST 

Novatek OAO announced that Yamal Development, a 50/50 joint venture between Novatek OAO and Gazprom neft' OAO, signed a binding agreement with the Italian energy company, Eni SpA on acquiring a 60% equity stake in Artic Russia B.V., which owns 49% of the SeverEnergia joint venture. The value of the transaction is USD 2,940 million. The transaction is subject to receipt of necessary approvals. Following completion of the transaction, the effective share of Yamal Development in SeverEnergia will increase to 80.4%. 

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