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Novatek Gains Control of Gas Distributor in Russian Steel Region

OAO Novatek, Russia’s second-largest natural gas producer, gained control of supplies to the Chelyabinsk region, a steel and pipe-making hub, after buying the regional distributor.

Notavek paid 1.55 billion rubles ($50 million) to boost its stake in OOO Gazprom Mezhregiongas Chelyabinsk to 100 percent, Novatek said today in an e-mailed statement.