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Novatek to supply E.ON Russia in $8.5B gas deal

  • Gas producer Novatek (NOVKY.OB) agrees to a 284B ruble deal ($8.5B) to supply more gas to E.ON (EONGY.PK) Russia in 2014-27.
  • The agreement allows Novatek, Russia's no. 2 gas producer, to strengthen its position in the country's domestic gas market, where it has been increasing market share at the expense of Gazprom (OGZPY.PK) and other companies.
  • Last year, Novatek accounted for 35% of E.ON Russia's gas purchases of 13.5B cu. meters.
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