By John Lee.

Russian oil and gas investor Soyuzneftegas Capital has increased its stake in Gulfsands Petroleum, the London-listed energy company that is understood to be negotiating details of a gas capture contract in Missan province.

The Russian investor’s stake rises to 7.04 percent.

Soyuzneftegas is chaired by former Russian energy minister Yuri Shafranik (pictured), who is also on the board of Waterford Finance & Investment, an investment vehicle controlled by Russian investor Michael Kroupeev, which increased its holding to 19.29 percent in May.

Shares in Gulfsands closed up 5.2 percent on Friday.