Today Gazprom's business account in Kamchatgazprom's shareholder register was credited with the latter company's 92.25 per cent stake previously owned by Rosneftegaz.

The Gazprom Board of Directors decided to purchase the equity stake in April 2013. The deal is worth RUB 2.85 billion. Furthermore, Gazprom was offered the opportunity of making interest-free installment payments over 23 years. The shares will be paid for in equal yearly portions.

The net value of payments according to the specified schedule does not exceed the price of Kamchatgazprom shares as approved by the Board of Directors on March 2, 2010 – RUB 1.64 billion.

Background

The purchase of Kamchatgazprom shares was implemented in pursuance of the Russian Government's Directive of May 19, 2009.

Upon acquisition of Kamchatgazprom shares Gazprom establishes control over the entire gas supply chain in the Kamchatka Territory: gas production (at the moment Gazprom acts as a pre-development operator at the Kshukskoye and Nizhne-Kvakchikskoye fields, the licenses for which are owned by Kamchatgazprom), transmission and distribution.