Funds and construction equipment will flow to Russia's Novatek oil & gas and infrastructure as projects as Volga Resources SICAV-SIF S.A, the Luxembourg-based investment company, announced that it has agreed to purchase 13.13% shares of OAO Novatek from Cartagena Development Inc. which is indirectly controlled by Novatek’s management. This move brings Volga’s total holding in Novatek to 18.2%. The founder and largest shareholder of Volga, Guennadi Timtchenko was elected to the Board of Directors of Novatek. After meeting all regulatory approvals, the share purchase transaction will be completed.
Volga Resources SICAV-SIF S.A. is a private investment company registered in Luxembourg in 2007. The company is involved in various projects in the oil & gas sector, infrastructure, development, financial services in Central and Eastern Europe, CIS, Russia and Turkey, through its investments.
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.
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