Gazprom OJSC and NOVATEK OJSC have discussed prospects for their cooperation in view of the forthcoming transaction under which Gazprom is to acquire a stake in NOVATEK, as Gazprom informs.
At the meeting, special attention was paid to the Companies' interaction in terms of the extended gas reproduction in Russia in accordance with Russia's energy strategy covering the period till 2020.
In June, Gazprom, presented by ZGG GmBH, signed with Levit LLC and SWGI Growth Fund Ltd. a preliminary agreement on acquiring their some 20% interest in NOVATEK's authorized capital at market value. The transaction is expected to be closed in August 2006.
Within this time the parties are to conclude a purchase contract and a shareholders' agreement under which Gazprom will receive two of eight places in NOVATEK BOD. "In accordance with the existing NOVATEK's Articles of Association, this empowers a new shareholder to take part in the management of the Company," thinks Gazprom. The agreement will provide for the stake held by Gazprom and its affiliated persons in NOVATEK not to exceed 19.9% at any time.
NOVATEK is a leading independent gas producer in Russia and ranks second after Gazprom in terms of natural gas production. The Company was founded in 1994; it explores, produces and processes gas and liquid hydrocarbons. Its fields and licensed areas are situated in Yamalo-Nenets Autonomous District. Last year it produced 25.2 bn cubic meters of gas. In July 2005 the Company held IPO, in the result of which the free-float rose to 24.1305% from 5.1305%. Before IPO the managers and the BOD members of NOVATEK had controlled 63.03% of the Company's shares via Levit, SWGI, Kopitek LLC or directly. Leonid Mikhelson, who controlled 35.53%, is its main beneficiary. As a result of IPO and the realization of the option, his share slid to 28.94%.
Last year, NOVATEK produced 25.2 billion cubic meters of gas. Its net income under IFRS in 2005 grew by 41% - to RUR 13.697 billion, its proceeds rose by 71% and totaled RUR 42.187 billion.
"AK&M", 21/07/2006 12:31
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