France’s Total has increased its stake in Novatek to 14.09% after dishing out $800 million on shares in the Russian gas producer.
Total said in a statement on Friday it had finalised the acquisition of an additional 2% of the company from its main shareholders.
The stake sale was completed under the terms of an agreement signed in March that saw Total take a 12.1% stake in Novatek.
The pair created a strategic alliance earlier this year, and Total is also Novatek’s main international partner on the Yamal LNG project with a 20% stake.
Novatek is the largest Russian independent gas producer, with 13% share of the domestic market and production of 38.6 billion cubic metres of gas in the first nine months of 2011.
Total is a leading multinational energy company with more than 96,000 employees and operations in more than 130 countries.