OREANDA-NEWS. June 02, 2009. Businesses affiliated with entrepreneur Gennady Timchenko intend to gain control over some 80% of Stroytransgaz, Gazprom’s primary contractor. Several days ago these concerns announced their aspiration to triple their equity positions in gas producer Novatek. If the Federal Anti-Trust Service (FAS) gives the go-ahead, through investment fund Volga Resources they will own around 18.2% interest in Gazprom’s rival.

On Monday an investment fund affiliated with one of the most non-transparent Russian businessmen officially announced a second large transaction, i.e. the intention to consolidate up to 79.6% of Stroytransgaz’ voting shares.

According to a statement from the Federal Anti-Trust Service (FAS), an application seeking authorization to acquire a 10.17% block of shares was submitted by Ubaska Holdings Limited that could end up raising its equity stake in Stroytransgaz to 79.6%. FAS should review the application by August 15. “We really could confirm that 79.6% of Stroytransgaz’ voting securities will be consolidated by the companies affiliated with Volga Resources,” the fund’s spokesman said adding “at issue are concerns under control of Gennady Timchenko.