Novatek to receive $980M for gas firm stake sale

Russia's No.2 gas producer, Novatek, has agreed to sell a 9.8% stake in SeverEnergia to Gazprom Neft for $980 million, in a deal that would split control over the gas firm evenly, according to Reuters.

Before the deal, Novatek controlled 59.8% of the joint venture, with Gazprom Neft holding the remaining 40.2% equity stake.

Reuters notes that, SeverEnergia, with assets in Russia's north, is expected to produce 36 billion cubic meters of gas and liquids per year by 2017.

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