Hibridge Ventures Limited, owned by Gennady Timchenko, a 20% shareholder in Novatek, Russia's largest independent gas producer, and Leonid Mikhelson, its board chairman, may buy a 9.4% stake in the company, Novatek said on Tuesday.
"The company was notified by Hibridge Ventures Limited, an entity that is owned 50/50 by a member of Novatek's Board of Directors and Chairman of Novatek's Management Board, Mr. Leonid V. Mikhelson, and a member of Novatek's Board of Directors, Mr. Gennady N. Timchenko, that on 21 December 2010, it entered into an agreement with Dhignfinolhu Holding Limited, that grants Hibridge Ventures Limited the right to purchase 285,508,031 ordinary shares, representing 9.4% of Novatek's charter capital, within a two-year period," Novatek said in a statement.
Novatek's upstream activities are concentrated in the Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and is believed to account for about 83% of Russia's natural gas production and 16% of the world's gas production as of 2009.
Timchenko is co-founder of Gunvor Group, one of the world's largest oil trading companies.
MOSCOW, December 21 (RIA Novosti)
