A securities firm from Luxembourg on Saturday bought a 5.7 percent stake in Novatek, Russia’s second largest gas producer.

In a statement, Bluebird Securities said it purchased the shares from SWGI Growth Fund of Cyprus. The purchase price was not disclosed.

According to Russia’s Interfax news agency SWGI Growth Fund effectively reduced its Novatek shareholdings to 14.24 percent from 19.9 percent with the sale.

Novatek produced 28.7 billion cubic meters of natural gas in 2006. Since it started natural gas production in 1998, it has generated 100 billion cubic meters, the company said.

Russia’s state-run Gazprom is the country’s largest gas producer.

Founded in 1994 by Leonid V. Mikhelson, Novatek is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Region, which is the world’s largest natural gas producing area. The region accounts for over 90 percent of Russia’s natural gas production and 20 percent of the world’s gas production.

Novatek is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed on the Russian Trading System and as Global Depository Receipts on the London Stock Exchange. Formerly known as Novafininvest, Novatek is based in Moscow.