Russian gas producer OAO Novatek (NVTK.RS) will pay $865 million for a 51% stake in Sibneftegas, the Interfax news agency reports Tuesday citing Novatek's Chief Financial Officer Mark Gyetvay.

Novatek's board earlier in November approved the acquisition of the shares in Sibneftegas which holds licenses for four gas and gas condensate fields in the Yamal-Nenets region in northern Russia .

State-controlled Gazprombank (GZPR.RS) currently holds the 51% stake in Sibneftegas. The $865 million price tag is excluding debt, Novatek said.

Sibneftegas has reserves of 395.53 billion cubic meters of natural gas and 8.44 million tons of gas condensate under Russian reserve classification. The company produced 7.3 billion cubic meters of gas in the first nine months of 2010, Novatek said.

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