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5

Rosneft, Gazprom Merger Plan Suffers Change

Russian government has decided to scrap plans for a full merger between state-controlled natural gas monopoly

Russian government has decided to scrap plans for a full merger between state-controlled natural gas monopoly Gazprom and state-owned Rosneft Oil Company.

Some anonymous government officials revealed that the government started to develop a new scheme.

Thus, Yuganskneftegaz won?t be spun off, and will stay with Rosneft.

Three sources confirmed independently that the state was still committed to raising its stake in Gazprom to over 50 percent, paving the way for a long-awaited opening up of trade in Gazprom shares to foreign investors.

The new scheme would be a victory for Rosneft. The company's president Sergey Bogdanchikov and chairman Igor Sechin have been fiercely defending Rosneft?s independence from Gazprom, which had been lobbying hard for the tie-up.