Russia's Inter RAO to buy Nortgaz for $1.5 bln - paper

MOSCOW, Jan 14 (Reuters) - Russia’s state-controlled power trader Inter RAO has agreed to purchase a 49 percent stake in gas producer Nortgaz for $1.5 billion, Vedomosti newspaper reported on Friday.

Sources told the business daily that the deal would be announced in the coming days, but only after Russia’s state-owned energy giant Gazprom , which owns 51 percent in Nortgaz, agrees to it.

Inter RAO will buy the stake from the British holding company Redi, controlled by Farkhat Akhmedov.

Nortgaz’s gas reserves are located in Russia’s Arctic Yamal Nenets region. In 2010 the company produced 3 billion cubic metres (bcm) of natural gas and plans to increase this to 4 bcm this year. (Writing by Jessica Bachman; Editing by Muralikumar Anantharaman)