Government Orders Sale of Wintershall Dea and OMV Stakes in Severneftegazprom to SOGAZ
Russian Prime Minister Mikhail Mishustin has signed an order to sell stakes to SOGAZ in companies established to “Russify” the joint venture between Gazprom and Germany’s Wintershall Dea and Austria’s OMV for the development of the Yuzhno-Russkoye field.
According to the published government resolution, based on SOGAZ’s application dated March 23 of this year and the valuation of the stakes, the following assets are to be sold: 49.99% of Severneftegazprom LLC for 1.8 billion roubles, 0.01% of Gazprom YRGM Trading for 3 billion roubles, and 0.01% of Gazprom YRGM Development for 3 billion roubles.
The Yuzhno-Russkoye oil and gas field is located in the Krasnoselkupsky district of the Yamalo-Nenets Autonomous Okrug and was commissioned in October 2007. Gas reserves in categories A+B+C1+C2 exceed 1 trillion cubic metres.
Earlier, new legal entities were registered as part of the “Russification” of the joint venture between Gazprom, Wintershall Dea, and OMV for the development of the Yuzhno-Russkoye field.
Companies within the Gazprom Group received stakes in the new entities equivalent to their previous participation. Stakes corresponding to the foreign partners’ shares were assigned to the new companies themselves. The stakes in Severneftegazprom, Gazprom YRGM Development, and Gazprom YRGM Trading, held on the balance sheets of these entities, were subject to valuation and offered to SOGAZ for purchase at market value in accordance with procedures defined by the government.
Funds received from the sale of stakes in all the aforementioned companies will be credited by the buyers to Type “C” accounts, opened for former foreign shareholders in accordance with the Presidential Decree of the Russian Federation dated March 5, 2022.
