Novatek to Acquire Gas Asset from Eurochem

Russia's biggest non-state gas producer Novatek (NVTK.ME) will acquire a gas producing asset from Russia-focused fertiliser producer Eurochem as part of a new strategy, Novatek's head Leonid Mikhelson told reporters on Tuesday.

 

He said that the Russian anti-monopoly service has approved the acquisition of Severneft-Urengoy, which produces between 700 and 800 million cubic metres of gas per year.

 

Novatek will present its new development strategy in December.

 

"Our new strategy envisages a faster commisioning of new assets as well as acquisitions," Mikhelson told a briefing in London.


(Reporting by Dmitry Zhdannikov; writing by Vladimir Soldatkin; Editing by Adrian Croft)