Akhmedov sells Northgas interest to Novatek

According to Russian business daily Kommersant (7 November 2012), Farkhad Akhmedov has sold his 49 per cent interest (through REDI) in natural gas producer Northgas for USD 1.375 billion to Novatek, owned primarily by Gunvor co-owner Gennady Timchenko (through Volga Resources) and Leonid Mikhelson, although Total and Gazprom also have interests. Gazprom also owns the other 51 per cent in Northgas. It is anticipated that the deal will be closed by the end of 2012.

Akhmedov had previously tried to sell the interest in 2010 to Itera, allegedly owing to constant conflict with his Northgas partner Gazprom. However, the deal proved abortive. Then Akhmedov considered a sale of the interest to Inter RAO for up to USD 1.8 billion in April 2011, only to change his mind.

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