Gazprom and Novatek have not shared Nortgaz

Gazprom has found the way to keep its control in Nortgaz by the creation of a joint venture with Gazprombank. Gazprombank will invest about 8.5 billion rubles in the joint venture, and Gazprom will give 51% of Nortgaz’s shares, estimated at 38 billion rubles. Thus, about 82% in the joint venture, which was called Gazprom resource Nortgaz, will be kept by Gazprom, but the efficient share in Nortgaz will decrease to 45% because Gazprom owns only 35.4% in Gazprombank. The ownership in Nortgaz will be as follows: Gazprom will have 45%, Novatek – 49% and other Gazprombank’s shareholders – 6%.