Novatek, Gazprom Neft finish asset swap for Arcticgas reorganization

MOSCOW, Oct 30 (PRIME) -- Russian independent gas producer Novatek and oil company Gazprom Neft have finished their asset swap under reorganization of Arcticgas, a joint venture of the two companies, Novatek said in a report on Wednesday.

The companies agreed to swap assets in late 2018, and Novatek contributed 100% in subsidiary Novatek-Yarsaleneftegaz, owner of a license for development of the Malo-Yamalskoye deposit, to Arcticgas. After that, The joint venture spun off two companies that owned licenses for the Chaselskoye and Yevo-Yakhinskoye fields in favor of Novatek and a company owning license for the Malo-Yamalskoye deposit in favor of Gazprom Neft.

The companies closed the deals in October, so their financial impact will be calculated in the financial report for October–December, Novatek said.

The gas producer also said it had received 4.05 billion rubles in interim dividends from its joint ventures with Gazprom Neft – Arcticgas and Northgas – in 2019. Novatek and the oil company own the ventures on a parity basis.

(63.8320 rubles – U.S. $1)

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