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Novatek Gains Most in 2 Weeks as Report Spurs Export Bets

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July 13 (Bloomberg) -- 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.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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