Total confirms increase in Novatek stake

MOSCOW. July 30 (Interfax) - France's Total had 18% stake in Novatek at the end of the first half of 2014, Total said in a report.

Last week, an Interfax source said that Total's stake in Novatek had grown to 18.2%.

Data for the first quarter of 2014 show that Total owned just over 17% of Novatek shares.

Based on Novatek's average Q2 share prices of $113.8 per GDR, equivalent to 10 shares, 1% of Novatek is estimated to be worth $345.5 million.

Total became a Novatek shareholder in 2011 and still has plans to increase its stake to 19.4%.