Novatek sells 20% of Arctic Russia for $980 mln
MOSCOW. April 30 (Interfax) - Novatek , Russia's largest independent gas producer, has sold 20% of Arctic Russia for 34.9 billion rubles ($980 million) and has already received full payment.
Novatek sold 20% of Arctic Russia B.V. in March to its joint venture with Gazprom Neft - Yamal Development for 34.9 billion rubles and the money was received on April 1, Novatek reported in its IFRS statement.
Under agreements between Gazprom Neft and Novatek, their stakes in joint venture SeverEnergia will be evened out through a number of transactions that are expected to be completed by the end of 2014.
As a result of the completed deal, Novatek's effective stake in SeverEnergia has decreased from 59.8% to 54.9%. Yamal Development now owns 80% of Arctic Russia.