A license for the North-Urengoy field was transferred from Urengoygazprom to Northgas in 1994.[3] In 1996, Bechtel sold its stake to Akhmedov-owned Farcot Group, which later also took over a stake owned by Transley. In 1999–2001, Farkhad Akhmedov gained full control over Northgas through the three emissions of additional shares and signing-off the existing share capital. Its ownership was transferred to the holding company REDI.