Russia’s Gazprom plus Rosneft make huge oil and gas producing entity

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Friday April 08, 11:37

Russia’s Gazprom plus Rosneft make huge oil and gas producing entity

(by Peter Van Bruggen)

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Russia’s Gazprom plus Rosneft make huge oil and gas producing entity

Russia is going to repeal all limitation on foreign ownership of the world’s biggest gas producer OAO Gazprom this year, Russia’s economics and trade minister said Wednesday.

The move will allow foreign companies to acquire domestically listed stock in Gazprom though it is targeted on merging with state-owned oil company Rosneft. The possible deal would give the state a controlling stake in the new entity.

Despite the rat race between Rosneft and Gazprom, Gazprom CEO Alexei Miller has said the merger is expected to prosecute before July, or even before Gazprom’s annual general meeting on June 24.

The Gazprom-Rosneft merger was suspended because of a Houston court decision in December that prohibited the sale of the OAO Yukos oil company’s biggest unit, Yuganskneftegaz, holding over a decision until the company commit an application for bankruptcy protection in the U.S.

The government-promoted auction proceeded on Dec. 19 when Rosneft finally acquired the overwhelmed with rumors Yugansk. After such a fruitful acquisition, Rosneft floated into the list of the top five Russian oil producers.

All business news

Read the related news and articles:
16 May 2005 09:40 AM	Russia will not merge Rosneft, Gazprom so far
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07 Mar 2005 07:25 PM	Russian energy companies disagree on merger
23 Feb 2005 11:14 AM	India and Russia talks and decisions
07 Feb 2005 11:36 AM	Rosneft denied involvement of overseas banks in Yugansk purchase

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