Russia will not merge Rosneft, Gazprom so far

An experienced guide to the world of finance
providing tools and information that help make
best financial decisions

		My FinanceGates.com		Register

Home

News |

Business News

News & Commentary

News

Reviews

Columnist Articles

RSS News

Economy

Economic Charts

Financial Calendars

Banking & Loans

Loan Rates

Deposit Rates

Rate Alert

Banking Top Rating

Education

Banking

Investing

Stock Brokerage

Dictionary

Financial Directory

Banking

Funds

Insurance

Stock Brokerage

Billing

My FinanceGates

MLS Canada

Market News	Insurance	Billing
Banking	Business News	World News
Funds	Brokerage

Monday May 16, 09:40

Russia will not merge Rosneft, Gazprom so far

(by Peter Van Bruggen)

Send link to friend

Russia will not merge Rosneft, Gazprom so far

The world’s second-largest oil producer Russia said it postponed its plans to merge its two biggest oil and gas companies creating the biggest state-backed oil firm. Rosneft that acquired YUKOS’s main oil subsidiary Yuganskneftegaz will remain independent.

Moscow said it would probably try to lift restrictions on foreign ownership of Gazprom’s publicly traded stock, boosting its market capitalization and helping it expand on the market.

YUKOS’s largest shareholder and former owner Mikhail Khodorkovsky is facing about 10 years in jail with his partner Platon Lebedev if convicted of tax evasion and money laundering. The hearings for the case, widely described by the internatioanl media as unfair, are scheduled to start Monday.

Russia’s President Vladimir Putin publicly announced the plan to merge Gazprom and Rosneft in September, raising concern over Rosneft’s attempts to gain independence. With the government backing away from the plan at least for now, Rosneft seems to have certain success in its efforts.

Earlier, Russia had an option to increase its direct ownership of Gazprom to more than 50% within the purchase of about 11% of Gazprom’s stock held by its subsidiaries. It was planning to use its 100% stake in Rosneft to pay for those shares.

All business news

Read the related news and articles:
16 May 2005 06:36 AM	Russia in talks with Paris Club on buying back its foreign debt
13 May 2005 10:12 AM	Russia in talks with Paris Club on buying back its foreign debt
28 Apr 2005 12:16 PM	Putin runs his mission through Middle East
08 Apr 2005 11:37 AM	Russia’s Gazprom plus Rosneft make huge oil and gas producing entity
07 Apr 2005 08:19 AM	Russia’s debt could be moderated by Paris Club creditor

SUBSCRIPTION

Join FinanceGates.com mailing list and get news and financial advices on home finance, auto finance, insurances, funds, online payments and much more.

Copyright © FinanceGates.com - independent financial advice and personal finance advice, an InternetGates.com company, 2003-2008. All rights reserved.
Finance Gates provides personal finance advice on banking, insurance, investing and billing.
Reading materials of this site you can be sure that you get independent financial advice.