Volga Resources raises stake in Novatek above 20%

Volga Resources SICAV-SIF S.A (“Volga”), the Luxembourg-based investment fund, announces that it has increased its shareholding in the issued share capital of OAO Novatek (“Novatek”), the second largest gas producer in Russia, to 20.77% after purchasing 2.57% in recent market transactions. The Federal Anti-Monopoly Service of the Russian Federation granted approval for Volga to acquire up to 23.49% of Novatek on 21 December 2009.

Note:
Volga Resources SICAV-SIF S.A. is a private investment fund registered in Luxembourg in 2007. The Fund invests in projects in the oil & gas sector, infrastructure, development, financial services in Central and Eastern Europe, CIS, Russia and Turkey.

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.