Today, Gazprom, Urengoygazprom and Nortgaz’s shareholders have sealed a legally binding Agreement stipulating:

- conveyance by Nortgaz’s shareholders of the 51% stake in Nortgaz to Urengoygazprom;

- mutual settlement of all legal and other controversies between the parties;

- joint management of Nortgaz for the purpose of enhancing its market capitalization.

The parties also came to an accord to address potential cooperation in other businesses.

“The Agreement sealed today allows us to regain control over a prominent gas production company previously owned by Gazprom. Our representatives’ access to Nortgaz’s management bodies will contribute to realizing the Company’s vast potential,” – said Alexander Ananenkov, Deputy Chairman of Gazprom’s Management Committee.

“We’re happy to enter into a partnership agreement with Gazprom. This move will bolster the corporate capitalization enhancement,” – Farkhad Akhmedov, Chairman of Nortgaz’s shareholders was quoted as saying.

Reference:

Nortgaz was founded in 1993 to produce 332.7 bcm of gas and 52.4 mln t of condensate & oil in overall reserves from the Neocomian deposits of the North Urengoy gas condensate field.

DIVISION OF RELATIONS WITH MASS MEDIA