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Roman Abramovich raises stake in Velocys

A regulatory filing showed his investment vehicle Ervington Investments had on June 30 completed a transaction, which resulted in him now owning around 34.4mln shares , or 24.04%.
Roman Abramovich raises stake in Velocys
Abramovich has increased his holding in the group

Russian billionaire and Chelsea owner Roman Abramovich has lifted his stake in gas-to-liquids AIM firm Velocys PLC (LON:VLS).

A regulatory filing showed his investment vehicle Ervington Investments had on June 30 completed a transaction, which resulted in him now owning around 34.4mln shares , or 24.04%.

The firm is at the forefront of developing gas-to-liquid (GTL) technology, which convert natural gas or biomass into diesel, jet fuel, waxes and other oils.

In May, it reported a narrowing of the pre-tax loss to £21.1mln, down from a loss of £23.3million and an upswing in revenues.

It said there were projects in the pipeline and that there was good progress on Envia Energy’s  project in Oklahoma, USA  with Velocys reactors already completed and mechanical completion expected by mid-2016.

Velocys shares added 5.45% to  29p.

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