The Eurochem statement on the sale did not disclose the price and terms of the deal.
Gas exploration and production company Severneft-Urengoy, operating in the Yamal-Nenets Autonomous Area in Russia, was acquired by EuroChem in 2012 for $403 million, it said.
"The total resource potential of the site, according to the Russian classification as of December 31, 2016, is 918 million barrels of oil equivalent of hydrocarbons," it said
"The sale of Severneft-Urengoy will enable the Group to focus on the exploration and subsequent development of gas condensate fields in the Astrakhan and Saratov regions in Russia, and the Kamenkovsky gas field in Kazakhstan, to better meet EuroChem's internal gas needs," the company said.
"While these gas fields continue to be developed, EuroChem will buy gas from unaffiliated parties," it added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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