Northgas

Northgas
Northgas
Type private
Industry oil and gas industry
Founded 1993
Headquarters , Russia
Key people Boris Zimin (Director General)
Products natural gas
Owner(s) Gazprom
REDI
Website ww.northgas.ru

Northgas (Russian: Нортгаз) is a natural gas-producing company in Russia. It is a developer of the North-Urengoy (Severo-Urengoyskoye) gas field in the Yamalo-Nenets region. According to DeGolyer and MacNaughton, it controls a total reserves of 368 billion cubic metres of natural gas. All produced gas is acquired by Gazprom.[1]

History

Northgas was founded in 1993 to develop the North-Urengoy field. The company was controlled by Gazprom through its subsidiary Urengoygazprom, which owned a 51% stake in Northgas.[2] 44% of the company was owned by Bechtel Energy, while Tansley, an offshore company owned by the Russian businessman Farkhad Akhmedov had a stake of 5%. A license for the North-Urengoy field was transferred from Urengoygazprom to Northgas in 1994.[3] In 1996, Bechtel sold its stake to Akhmedov-owned Farcot Group, which later also took over a stake owned by Transley. In 1999–2001, Farkhad Akhmedov gained full control over Northgas through the three emissions of additional shares and signing-off the existing share capital. Its ownership was transferred to the holding company REDI.

Northgas started natural gas production in 2001. However, due to a dispute with Gazprom, the access of produced gas to the gas transportation system of Russia was limited and the Northgas license of the North-Urengoy field was annulled. In 2005, the dispute was resolved by Gazprom acquiring a 51% stake in Northgas free of charge.[3][4] Gazprom owns its stake through Urengoygazprom.[5]

A new dispute between the Farkhad Akhmedov's holding company REDI and Gazprom arose in 2008 over a gas price and access to the gas transportation system.[1]

In January 2011, a Russian power producer Inter RAO announced that it will acquire REDI, which holds 49% take in Northgas for US$1.5 billion. Inter RAO made similar offer to Gazprom to acquire a full control of the company.[6]

References

External links


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