OREANDA-NEWS. The Board of Directors has agreed on Gazprom’s acquisition of 28.74 and 25.26 per cent of shares in Prospecting Company Kuznetsk owned by Methane Investors, LLC and Methane Exploration & Production Limited (Cyprus), respectively.

The coalbed methane exploration and extraction license for the South Kuzbass group of coal fields is held by Prospecting Company Kuznetsk.

At present the shareholders of Prospecting Company Kuznetsk are: Methane Investors, LLC (28.74 per cent), Methane Exploration & Production Limited (Cyprus) (57.47 per cent) and Kemerovo’s state owned company Kuzbass Financial Settlements Centre (13.79 per cent).

The acquisition of the stakes in Prospecting Company Kuznetsk will allow Gazprom to be involved in creating a new coalbed methane extraction industry within Russia’s fuel and energy sector, expand the Company’s hydrocarbon resource base and sales markets and, step up large-scale gasification in Kemerovo regions and southern Siberia.