To buy additional 13.13% stake in Novatek, gaining interest in 4.9 MMBOE proved.
Luxembourg-based investment fund Volga Resources SICAV-SIF SA plans to acquire 13.13% of the issued share capital of Moscow-based Novatek from Cartagena Development Inc., which is indirectly controlled by Novatek`s management, for an undisclosed price. Pro forma, Volga will hold 18.2% of Novatek. Novatek is Russia's largest independent gas producer and the second-largest natural gas producer in the nation. The company produced 1.09 trillion cubic feet of gas in 2008, or about 3 billion cubic feet of gas per day. Proved reserves at year-end 2008 was 4.9 million barrels of oil equivalent. Volga founder and largest shareholder Guennadi Timtchenko has been named to the Novatek board.