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Novatek Gains Most in 2 Weeks as Report Spurs Export Bets

OAO Novatek jumped the most in two weeks on speculation the Russian natural-gas producer may breach OAO Gazprom’s monopoly on exports.

The shares led gains on the Micex Index, adding 6 percent to 346.22 rubles by the close in Moscow, the most since June 29. The stock rose 5.3 percent to $112 in London.

EnBW Energie Baden-Wuerttemberg AG, Germany’s third-largest power supplier, signed a 600 million-euro ($732 million) gas contract with Novatek, Financial Times Deutschland reported. EnBW said on July 12 it signed a 10-year gas contract with an unidentified foreign gas producer with a value of 600 million euros a year. The contract will start in October, EnBW said.

“We view it as positive that Novatek has started this process, which has a good chance of turning into exports of its own gas,” Troika Dialog analysts led by Oleg Maximov said in an e-mailed report today.

The yield on Novatek’s $600 million of Eurobonds due February 2016 dropped 19 basis points, or 0.19 percentage point, to 3.614 percent, the lowest closing level on record, according to data compiled by Bloomberg.

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