French firm Total’s plan to take a $1 billion stake in Novatek has taken a double hit when Novatek said it wanted more money and Russia’s antitrust head denied clearing the deal.

The world’s No 4 oil firm announced last September that it was buying 25 per cent plus one share — a blocking stake — in Novatek, Russia’s No 2 gas firm.
However, the deal has got bogged down in a review by Russia’s antitrust agency, which said it was waiting for Novatek to finish a corporate restructuring before making its decision.
A spokesman for Novatek, which doubled its profits in the first nine months of 2004 over same period of 2003, said the firm wants more money.
“We are not holding talks with Total, but when they resume we will ask them for a price upgrade due to positive changes in our company since a preliminary deal was signed,” Novatek spokesman Mikhail Lozovoy said.