Gas producer Novatek rose to a record high on Tuesday, after the board approved the purchase of a controlling stake in two West Siberian gas projects. Shares jumped by 6 percent to 278.51 rubles at the close in Moscow.
Novatek agreed Monday to buy a 51 percent stake in Sibneftegas, which holds licenses for the Beregovy, Khadyryakhinsky, Pyreiny and Zapadno-Zapolyarnoye fields in the Yamal-Nenets autonomous district. ?
The acquisition may add 12 percent to Novatek’s gas output from 2011, UralSib Financial said. “Novatek has proven once again that it is able to snatch up value-accretive deals that ensure the company’s growth,” Troika Dialog said in a research note.
The board also approved the acquisition of a 51 percent stake in SeverEnergia by Novatek’s joint venture with Gazprom Neft, from its partner’s parent company, for at least $1.5 billion. The company said it plans to issue eurobonds of the same value, with a maturity of 10 years.?
(Bloomberg)