Thursday September 29, 2005

Gazprom buys Sibneft in Russia's biggest takeover

reuters.com :

Gas giant Gazprom signed Russia's biggest-ever takeover on Wednesday, buying control of oil firm Sibneft for $13.1 billion from Chelsea soccer club owner Roman Abramovich. Abramovich, Russia's richest man, will be cashing in on a bargain buy made in the chaotic mid-1990s, making a windfall big enough to buy Chelsea's most expensive player, Ghanaian midfielder Michael Essien, nearly 300 times over.

Gazprom will acquire 72.7 percent of Russia's No. 5 oil company - and with it 660,000 barrels per day in oil output - taking the world's largest gas firm a step closer to its goal of becoming a global energy super-major. The state-controlled gas monopoly will raise its total holding to 75.7 percent of Sibneft and thus ensure outright strategic control.

It will also secure the Kremlin control over a third of Russian oil, enabling Putin to use energy policy to project power and reassert some of the world influence Moscow lost after the Soviet Union collapsed in 1991.

See also :

1. The Slow Flow of Russian Oil
2. Timeline: The rise and fall of Yukos
3. The Yuganskneftegas fields

(2005-09-29 12:47:09 SGT) [Biz] Permalink

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