Russian billionaire reducing stake in Calgary's Spartan Delta Corp.

The investment group owned by a billionaire Russian oligarch is selling part of its leading stake in a Calgary-based natural gas company.

ARETI Energy SPV says it will sell 15 million Spartan Delta Corp. shares to a third party purchaser for $121.5 million.

The shares represent 10 per cent of issued and outstanding Spartan shares.

ARETI Energy is owned by Russian oligarch Igor Makarov. The billionaire is not on the list of Russian businesses and individuals who have been sanctioned by the Canadian government for Russia's invasion of Ukraine.

ARETI says after the sale, it will own approximately 8.4 per cent of Spartan's total shares.

ARETI says it's selling the shares to generate immediate liquidity and to reduce its overall economic exposure to Spartan.