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. Last Updated: 07/27/2016

Gazprom Buys Back Purgaz Gas Field

Gazprom said Tuesday it had bought back a lucrative gas field from Itera, a Florida-registered company that became a major gas producer on the back of the gas monopoly's assets.

Itera was paid 32,000 rubles ($1,026) for the 32 percent stake, the sum the company originally paid for the Purgaz stake in February 1999. Itera, however, also recouped about 5.8 billion rubles in investment from Gazprom under the buyback deal.

"Reinstating control over Purgaz is part of our goal of bringing back Gazprom assets," Gazprom CEO Alexei Miller said in a statement. "By exercising our option, we carried out the wishes of the board of directors completely and in a timely manner."

The Gazprom board had voted in December to buy back the Purgaz stake.

Purgaz was created as a joint venture between Itera-RUS and Gazprom subsidiary Noyabrskgazdobycha. Purgaz owns the license to the Gubkinskoye gas field, which is estimated to hold reserves of 380 billion cubic meters.