Novatek has increased its stake in Northgas to 50 percent from 49 percent as a result of a share issue, Interfax reported.
Novatek bought the new shares for the same price as it paid for the 49 percent.
Gazprom deputy CEO Valery Golubyev said Novatek will purchase the 1 percent of Northgas from Gazprom to give Northgas the opportunity to pay the natural resource extraction tax at the rate set for independent producers.
Novatek and Gazprom will now have equal shares in Northgas.
Northgas holds the license to the Severo-Urengoiskoye deposit in the Yamal-Nenets Autonomous District, which had proven reserves of 157 billion cubic meters of gas as of the end of last year. The field produced 4.2 billion cubic meters gas and 426,000 tons of gas condensate in 2012.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
