Novatek Gets License

By The Moscow Times

March 14, 2013

No. 2 gas producer Novatek said Thursday that its subsidiary had won an exploration and production license for an Arctic gas field, in line with plans to increase its resource base.

Novatek, in which France's Total owns about 15 percent, said it would pay 3.19 billion rubles ($103 million) for the rights to the East-Tazovskoye field.

The field, located in Yamal-Nenets autonomous region, is close to Novatek's existing asset base and will create certain synergies for the company, which plans to launch a plant to liquefy natural gas in 2016-17.

(Reuters)

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