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Gazprom Acquired Controlling Stake in Russian-German Pipeline

Gazprom announced it acquired 51 percent of common stocks of North European Gas Pipeline

Russian gas monopoly Gazprom has acquired 51 percent of common stocks of NEGP Co., the operator under North European Gas Pipeline (NEGP) project, from Gremany's ZGG GmbH.

The stocks were added to Gazprom balance April 10, 2006.

Russia's Gazprom and two German firms E.ON Ruhrgas AG and Wintershall AG sealed a preliminary agreement of holders in November 2005.

Under the agreement, the partners set up a venture of Russia and Germany, North European Gas Pipeline Co., where Gazprom holds 51 percent, BASF and E.ON ? 24.5 percent each. The fourth partner of Gazprom in the project will probably get 9 percent built up from the stakes currently owned by BASF and E.ON.