EuroChem Buys Russian Gas Producer for $403 Million
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EuroChem, Russia’s largest producer of nitrogen fertilizers, bought 100 percent of Severneft-Urengoy, a Siberian natural-gas producer, for $403 million on a debt-free, cash-free basis to ensure cheaper supplies as domestic prices for the fuel rise.
The asset is able to produce 1.1 billion cubic meters a year of gas, or as much as 25 percent of Eurochem’s annual consumption for the primary raw material for production of nitrogen-based fertilizers, the company said today in an e-mailed statement.