KIEV, June 14 – Cyprus-based Kulczyk Oil Ventures Limited (KOVL), which is controlled by Polish businessman Jan Kulczyk, has indirectly acquired a 70% stake in Luhansk-based KUB-Gas LLC gas production company from U.S.-based Gastek LLC for $45 million.

The transaction was completed on June 11, 2010, the buyer reported in a statement on a stock exchange.

The direct owner of 100% of KUB-Gas became Loon Ukraine Holding Limited 70% of which belongs to Kulczyk Oil. The remaining 30% stockholding in Loon Ukraine belongs to Gastek LLC.