Russia's Federal Antimonopoly Service permitted Yamal Development LLC (a joint venture between JSC NOVATEK and JSC Gazprom neft) to acquire a 29.4% equity stake in SeverEnergia LLC, the regulatory body informed.
As a result of this transaction, Yamal Development will be able to consolidate 80.4% of SeverEnergia.
It will be recalled that Yamal Development signed a binding agreement with Eni (Italy) to acquire a 60% equity stake in Artic Russia B.V. which owns a 49% equity stake in SeverEnergia. The transaction amounting to $2.94 billion is subject to receipt of necessary approvals. Following completion of the transaction, Yamal Development's effective stake in SeverEnergia will increase to 80.4%.
SeverEnergia LLC owns licenses for the exploration and production of hydrocarbons at the Samburgskiy, Yaro-Yakhinskiy, Yevo-Yakhinskiy and Severo-Chaselskiy license blocks. As of January 1, 2013, the company's recoverable reserves under the Russian standards (ABC1+C2) amounted to 1.35 trillion cubic meters of natural gas and 699 million tonnes of liquid hydrocarbons.