RusEnergy

27.05.2005 13:04 MSK MosNews - International Finance Corporation, a unit of the World Bank, said on Thursday, May 26, that it acquired a one percent stake in Russia's leading independent gas producer Novatek. This is the first World Bank investment in Russia's natural gas sector. IFC, which is a private lending arm of the development bank, said it hoped that a move would encourage more investments in Russia's gas sector. "We hope the market sees this as a sign of our confidence in the role that domestic producers can play in country's energy strategy," Rashad Kaldany, the IFC's director for oil, gas, mining and chemicals, told Reuters. The IFC did not say how much it paid for the stake, but it is estimated to be around $35 million. As MosNews reported on Thursday, Russian state bank Vnesheconombank also bought a 5.6 percent of Novatek. The gas producer is currently planning an IPO of 20 percent of its shares and is awaiting state approval for a sale of a 25 percent stake to French oil and gas giant Total.