Russian businessman Gennady Timchenko, a 20 percent shareholder in Novatek, Russia's largest independent gas producer, has denied plans to significantly increase his stake in the company, Timchenko's representative said on Wednesday.
On Tuesday, Hibridge Ventures Limited, owned by Gennady Timchenko and Leonid Mikhelson, Novatek chairman, said it may buy a 9.4% stake in the company from Dhignfinolhu Holding Limited within two years.
"Despite newspaper headlines and market rumors, we do not intend to considerably increase our stakes and take on additional positions in the company," the representative told RIA Novosti news agency.
"We are strongly committed to Novatek's long-term development and we believe that it is very important that interests of all stakeholders coincide."
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.
MOSCOW, December 22 (RIA Novosti)
