1 Oct 2010 19:19

Gazprom, Volga Resources transfer NOVATEK shares to other subsidiaries

MOSCOW. Oct 1 (Interfax) - Russian gas giant OJSC Gazprom and Volga Resources have transferred commensurate share holdings in independent gas producer NOVATEK to other of their subsidiaries.

A NOVATEK statement says White Seal Holdings Ltd (beneficiary - Volga Resources SICAV Sif S.A.) now holds 9.9972% of NOVATEK shares, having not previously been a shareholder.

ZGG Cayman Holding Ltd (beneficiary - Gazprom) transferred 9.99% of NOVATEK shares to Gazfin Cyprus Ltd (beneficiary - also Gazprom). Gazfin Cyprus is a wholly owned subsidiary of Gazprom Finance B.V., as is ZGG Cayman Holding Ltd.

Another NOVATEK shareholder - Clariden Leu Ltd - reduced it stake in the company by 7.3637%, leaving it with just 0.0047%.

Volga Resources, a private investment fund that belongs to businessman Gennady Timchenko, holds 23.13% of NOVATEK's stock, and has permission from the Russian Federal Antimonopoly Service (FAS) to increase that stake to 23.49%.

The fund was set up in 2007 in Luxembourg. It invests in projects in oil and gas, infrastructure, development, and financial services in Russia, the Commonwealth of Independent States, Central and Eastern Europe, and Turkey.

Gazprom holds 19.39% of NOVATEK shares. At the beginning of July, the company transferred its stake from Gazprom Germania to Gazprom Finance B.V.