OJSC Gazprom -- Moody's: Gazprom Neft's acquisition of Nortgas stake credit positive

London, 16 July 2014 -- Moody's: The acquisition of an effective share of 9% in ZAO Nortgas (not rated) by Gazprom Neft (Baa2 negative) for RUB 8.6 billion (approximately $246 million), from Gazprombank (Baa3 negative) is credit positive for Gazprom Neft's operating profile. Nortgas, 50% owned by OAO Novatek (Baa3 stable) and 41% by OJSC Gazprom (Gazprom, Baa1 negative), operates North-Urengoyskoye field; in 2013, it produced 4.8 billion cubic meters (bcm) of gas and 0.6 million tonnes (mt) of unstable gas condensate. Moody's understands that Gazprom Neft intends to buy the remaining 41% of Nortgas from Gazprom.

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