Abramovich ups Velocys stake

Roman Abramovich, the Russian billionaire owner of Chelsea Football Club, has increased his stake in synthetic fuel producer Velocys from 3.5 to 7.7 per cent. The stake is now worth nearly £20m. Abramovich’s Ervington Investments had invested £5m in the Aim-listed company in January 2014. Velocys, formally known as Oxford Catalysts, provides modular technology for gas-to-liquid (GTL) conversion plants.