Gazprom may form international alliance using Gazprom Neft

Jun 29, 2007 02:00 AM

Russian gas giant Gazprom is considering using up to a quarter of the capital of its unit Gazprom Neft to create “a new international alliance”, said chairman Alexei Miller.
Gazprom holds 75.68 % of Gazprom Neft and intends to exercise its option to buy the 20 % stake acquired in April from Yukos by ENI Neftegaz, a company owned by the Italian groups ENI and Enel, he added.

“We could then envisage using up to a minority blocking stake (25 % plus one share) as a basis for creating a new international alliance,” Miller said.
However, he said that, once that is done, Gazprom would not buy any remaining minority shares and would probably leave the company listed on the stock exchange.

Gazprom took control of the Russian oil company Sibneft in November 2005, which was then renamed Gazprom Neft, by buying more than 72 % of billionaire Roman Abramovich's shares.
Yukos at the time held a 20 % stake in Sibneft, following an attempted merger between the two groups that was subsequently abandoned.

Source: Thomson Financial
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