Gazprom to Halve Novatek Stake

2 March 2010 (Last Updated March 2nd, 2010 18:30)

Russian energy group Gazprom plans to swap more than half of its holding in gas company Novatek for just over 50% of a small natural gas firm, according to Russian news sources. The deal for a 51% stake, which is currently owned by Gazprombank, could be clinched in June this ye

Russian energy group Gazprom plans to swap more than half of its holding in gas company Novatek for just over 50% of a small natural gas firm, according to Russian news sources.

The deal for a 51% stake, which is currently owned by Gazprombank, could be clinched in June this year, according to daily newspaper Kommersant.

The move will make Russian oil trading heavyweight Gennady Timchenko Novatek's biggest shareholder with 18.2% of the shares. Gazprom currently holds 19.4% of the compamy, reports Reuters.

In February, Kommersant said Gazprom might get control of a new gas company to be created out of three existing firms.