Volga Resources SICAV-SIF S.A, the Luxembourg-based investment fund, announces that it has agreed to purchase 13.13% of the issued share capital of OAO Novatek from Cartagena Development Inc. which is indirectly controlled by Novatek’s management. This transaction will take Volga’s total holding in Novatek to 18.2%.
The founder and largest shareholder of Volga, Guennadi Timtchenko was today elected to the Board of Directors of Novatek.
The share purchase transaction will be completed after obtaining the relevant regulatory approvals.
Volga Resources SICAV-SIF S.A. is a private investment company registered in Luxembourg in 2007. The Company invests in projects in the oil & gas sector, infrastructure, development, financial services in Central and Eastern Europe, CIS, Russia and Turkey.
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Region, which is the world’s largest natural gas producing area and accounts for over 90% of Russia’s natural gas production and 20% of the world’s gas production.