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Russia's Gas Monopoly To Take Over Energy Monopoly»

Russian gas monopoly Gazprom said it would take direct control of a 10.5 % stake in national power utility Unified Energy Systems soon

Russian gas monopoly Gazprom said it would take direct control of a 10.5 % stake in national power utility Unified Energy Systems soon, by shifting assets between subsidiaries.

The company?s media assets have been transferred to the authorized bank of OAO "Gazprom?, Gazprombank, in return for 100 percent of GEC, the owner of 5.3 % UES stake.

Gazprom said that it will acquire more UES shares from Gazprombank.

"The swap of the assets mentioned allows Gazprom to reclassify the energy investments from the category of financial investments into its core business," the company said.