Gazprom ends Northgas face off

Gazprom chief: Alexei Miller

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Alcira Molina

 10 June 2005 20:34 GMT

Russian gas monopoly Gazprom has acquired 51% of the shares in mid-sized gas firm Northgas, ending a long-standing dispute with the company.

Gazprom had filed a lawsuit against Northgas, saying it had rights to the North-Urengoi field and a controlling stake in Northgas, which both previously belonged to a Gazprom subsidiary.

Gazprom alleged that the stake had been illegally diluted by Northgas, while Northgas said Gazprom decided against buying the new share issue because it lacked funds at the time.

In April, Gazprom took back the disputed deposit after a Moscow court annulled Northgas's licence to develop the field, according to Reuters.

Friday's Gazprom statement said the two companies had agreed to drop all disputes between…

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