Timchenko Ups Novatek Stake

摘要

Gennady Timchenko, co-owner of Gunvor, the largest offtaker of Russian crude, has hiked his stake in Russia’s biggest independent gas producer, Novatek. Timchenko’s Volga Resources investment fund said it bought 2.36% of Novatek on the open market, raising its holding to 23.13%. It did not disclose the acquisition value, but Volga Resources spokesman Anton Kurevin told International Oil Daily the shares were bought at a fair market price.