Sunday, December 30, 2007

Novatek Number 2 in Russa for Natural Gas

Luxembourg's Bluebird Securities Saturday said it had acquired a 5.7 percent stake in Russia's second largest gas producer Novatek.

A company statement said it had bought the shares from the Cyprus-based SWGI Growth Fund but did not reveal the amount it had paid.

SWGI Growth Fund has thereby reduced its holding in Novatek from 19.9 percent to 14.24 percent, Russia's Interfax news agency said.

Russia's state-run Gazprom is the country's largest gas producer.

Last year, Novatek produced 28.7 billion cubic metres of natural gas and reached 100 billion cubic metres in cumulative natural gas production since starting natural gas production in 1998, according to a company statement.

It accounted for four percent of the country's total natural gas production in 2006.

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