Russia’s Novatek says wins auction for Alrosa’s gas assets

Novatek, Russia’s largest non-state gas producer, said in a statement on Monday it had won an auction for Alrosa’s gas assets with a bid of 30.3 billion roubles ($537 million).

Leonid Mikhelson, chairman of the management board, said the purchase would boost the company’s profitability.

“They (the assets) will contribute to our gas and liquids production to load our gas condensate processing chain thus maximising the company’s profitability,” he said in a statement.

Source: Reuters (Reporting by Vladimir Soldatkin; Editing by Andrew Osborn)

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