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  • EuroChem sells Severneft-Urengoy
    édité le 24/11/2017


EuroChem sells Severneft-Urengoy
EuroChem Group AG ("EuroChem" or the "Group"), a leading global fertilizer company, announces the sale of Severneft-Urengoy to NOVATEK PJSC, one of the largest independent natural gas producers in Russia. The price and terms of the deal have not been disclosed.

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. The total resource potential of the site, according to the Russian classification (categories C1, C2, C3) as of December 31, 2016, is 918 million barrels of oil equivalent of hydrocarbons.

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.

Dmitry Strezhnev, EuroChem's CEO, commented: "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."

About EuroChem Group AG

EuroChem is a leading global fertilizer company, producing primarily nitrogen and phosphate fertilizers, as well as certain organic synthesis products and iron ore. The Group is vertically integrated with activities spanning mining and hydrocarbons extraction to fertilizer production, logistics, and distribution. Headquartered in Zug, Switzerland, the Group operates production facilities in Belgium, China, Kazakhstan, Lithuania, and Russia, supporting distribution assets in Europe, the CIS, Asia, and North and South America. EuroChem employs more than 25,000 people globally.

About NOVATEK

PAO NOVATEK is one of the largest independent natural gas producers in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 16% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».


Origine : Communiqué EuroChem



 
 
 
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