JSC Gazprom Neft received 50% of the shares in CJSC Northgas controlled by Gazprom Group for trust management, Gazprom Neft informed.
Gazprom Neft is expected to act as a trust manager until it takes ownership of the stake in Northgas.
The agreement assumes that Gazprom Neft will manage this block of shares in the interests of the owner.
Today, JSC Gazprom Neft and JSC NOVATEK have equal number of seats on the Board of Directors of Northgas. Gazprom Neft's Head of Major Project Management Denis Sugaipov chairs the Board of Directors.
CJSC Northgas is a joint venture owned on a parity basis by Gazprom Group and JSC NOVATEK. In 2013, Northgas produced more than 4.8 bcm of gas and ca. 590,000 tonnes of unstable gas condensate. The gas condensate is supplied from the deposit to the Purovsky condensate processing plant, the gas is pumped into the main gas pipeline.
JSC Gazprom Neft (tax number: 5504036333) ranks fifth largest oil producer in the Russian Federation. Gazprom Neft and its subsidiaries own 61 licenses for the prospecting and development of oil fields. The proven oil reserves in the company's fields exceed 4.5 billion barrels. The company's largest shareholder is Gazprom Group.
IFRS net profit of JSC Gazprom Neft for 9 months 2013 attributable to its shareholders increased by 0.4% to RUB 135.154 billion from RUB 134.677 billion the year before. Revenue decreased by 0.7% to RUB 1.117 trillion from RUB 1.125 trillion. EBITDA grew by 2.6% to RUB 236.28 billion from RUB 230.333 billion.
According to the information and retrieval system DataCapital, RAS net profit of Gazprom Neft for 9 months 2013 dropped by 22% to RUB 51.681 billion. Revenue went up 9% to RUB 735.62 billion, GP increased by 20% to RUB 118.209 billion. Pre-tax profit decreased by 16.1% to RUB 62.7 billion.