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Total talks tough over Novatek
French explorer Total has said its deal to buy a 25% stake in Novatek would be scrapped if talk that the Russian gas player plans a share sale to the public turns out to be true.
"If there are no shares to buy we will not buy shares," Total's exploration and production chief Christophe de Margerie told Reuters on the sidelines of an international oil and gas conference.
"If these rumours (of an initial public offering of Novatek) turn out to be true certainly we will have to discuss with Novatek shareholders what Total's role in Novatek would be in this new environment," he said.
The deal, announced in September, for Total to buy a blocking stake in Novatek has become bogged down in a Russian anti-trust investigation and wrangling over price.
Russia's anti-trust head said last week that he would delay approval of the deal until after Novatek makes an IPO. De Margerie said neither the antitrust authorities nor Novatek had informed Total, which has only heard "rumours" about the planned IPO.
"They (Novatek) are our partners and now it's in their hands to decide what they want to do with the company. We will decide when they take a clear position," he said.
Total's head of Continental Europe/Central Asia, Menno Grouvel, said there might be some conditions to Novatek's planned IPO "that are not compatible" with Total's offer.