Total likely to get 25 % stake in private Russian gas production

Dec 29, 2004 01:00 AM

Russia's Federal Anti-Trust Service will most probably allow the French company Total to go ahead with its plan to buy a stake in Novatek, an independent Russian producer of natural gas.
The issue is currently under consideration, and will most likely be solved in Total's favour, Anatoly Golomolzlin, Deputy Head of the Federal Anti-Trust Service, told.

In late September 2004, the Total group announced its intention to buy a 25 % stake plus one share in Novatek. The financial details are unlikely to exceed $ 1 bn.
Novatek's major shareholders include Levit (49.2 %), SWGI Growth Fund (37.5 %), and the non-profit Regional Foundation for Yamal Development (7.6 %). Minor shareholders own the remaining 5.7 % of the Novatek stock.

Source: PetroEnergy Information Network
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