Word: gazprom
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...September, France's Total agreed to pay $1 billion for a 25% stake in Novatek, Russia's largest private gas producer. Many other companies, including ChevronTexaco, PetroCanada and Norway's Statoil, are trying to get a foothold. All three recently signed preliminary agreements to work with state-controlled Gazprom, an oil-and-gas behemoth in which German power company E.On holds a 6% stake. And there is widespread speculation in Moscow that Sibneft, an oil company with proven reserves of 4 billion bbl., controlled by billionaire Roman Abramovich, could be in play...
...Russian firms are stepping in where foreign companies find it harder to tread. Foremost among them is the giant Gazprom, whose gas reserves were recently valued at $78 billion and which is actively pushing to become a big player in the oil market. It is merging with Russia's seventh largest oil company, state-owned Rosneft, and Alexei Miller, Gazprom's chief executive, has signaled his interest in another oil producer, Zarubezhneft. Most dramatically, Gazprom has emerged as the best-positioned candidate to acquire Yugansk...
...September France's Total agreed to pay $1 billion for a 25% stake in Novatek, Russia's largest private gas producer. Many other companies, including ChevronTexaco, PetroCanada and Norway's Statoil, are trying to get a foothold. All three recently signed preliminary agreements to work with state-controlled Gazprom, an oil-and-gas behemoth in which Germany power company E.On holds a 6% stake. There is widespread speculation in Moscow that Sibneft, an oil company controlled by billionaire Roman Abramovich with proven reserves of 4 billion bbl., could be in play. Sibneft was scheduled to merge with Yukos until Khodorkovsky...
...Russian firms are stepping in where foreign companies find it harder to tread. Foremost among them is the giant state-controlled Gazprom, whose gas reserves were recently valued at $78 billion and which is actively pushing to become a big player in the oil market. It is merging with Russia's seventh largest oil company, state-owned Rosneft, and Alexei Miller, Gazprom's chief executive, has signaled his interest in another oil producer, Zarubezhneft. Most dramatically, Gazprom has emerged as the best-positioned candidate to acquire the company that forms the core of Yukos--a Siberia-based corporation called Yugansk...
...Yuganskneftegaz, which controls vast Siberian oil fields. The subsidiary, which pumps 1 million bbl. of oil per day - about 60% of Yukos' output - has been valued by Dresdner Kleinwort Wasserstein at between $14.7 and $17.3 billion. Reports last week suggested the Kremlin might hand it to a Russian rival, Gazprom, for a fraction of that price. "It's robbery in broad daylight," complains Robert Amsterdam, a lawyer for Khodorkovsky, who says the Kremlin has no right to proceed with what he terms "the world's largest hostile takeover." So far the firm isn't saying whether it will mount...