EuroChem sell its oil & gas company Novatek

EuroChem to sell its oil & gas company to Novatek

6:30 AM, 24th November 2017
EuroChem  logo

ZUG, SWITZERLAND: EuroChem Group AG (EuroChem) announced the sale of Severneft-Urengoy to Novatek PJSC, one of the largest independent natural gas producers in Russia.

Severneft-Urengoy, a gas exploration and production company operating in the Yamal-Nenets Autonomous Area in Russia, was acquired by EuroChem in 2012 for $403 million.

After that acquisition, EuroChem formed a dedicated oil and gas division, which included several other assets in Russia and Kazakhstan. The sale of Severneft-Urengoy will enable the group to focus on the exploration and subsequent development of gas condensate fields in the Astrakhan and Saratov regions in Russia, and the Kamenkovsky gas field in Kazakhstan, to better meet EuroChem’s internal gas needs.

While these gas fields continue to be developed, EuroChem will buy gas from unaffiliated parties.

“The sale of Severneft-Urengoy will streamline this business division and improve its profitability down the line, especially once our Astrakhan gas field is operational and supplying gas to our production facilities in Russia,” said Dmitry Strezhnev, CEO of EuroChem.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Mitsui to acquire stake in ETC Group for ¥30 billion

TOKYO, JAPAN: Mitsui & Co Ltd (Mitsui) has made the decision to acquire a part of shares in ETC Group Limited (ETG) and has subsequently ente ...

Read more
Lanxess to build new plastics plant in China; invests €20 million

COLOGNE, GERMANY: Lanxess AG is strengthening its presence in China by building a new plant for high-performance plastics in Changzhou for around &eur ...

Read more
AkzoNobel, SOS extends partnership to fight youth unemployment

AMSTERDAM, NETHERLANDS: AkzoNobel NV and SOS Children’s Villages partnership has designed to help fight youth unemployment – through educa ...

Read more
KBR, Socar JV bags FEED contract for Absheron gas field

HOUSTON, US: KBR Inc said that its SOCAR-KBR Limited Liability Company (SKLLC) joint venture has been awarded a front-end engineering design (feed) co ...

Read more
BP to sell North Sea assets to Serica for £300 million

LONDON, UK: BP PLC has agreed to sell a package of its interests in the Bruce assets in the North Sea to Serica Energy plc. BP currently operates the ...

Read more
Arlanxeo rubber used in World Cup 2018 soccer ball

MAASTRICHT, NETHERLANDS: Arlanxeo said that its bio-based EPDM rubber is used in the Adidas soccer ball of the World Cup 2018. The EPDM rubber (ethyl ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X