European Commission Cleared Gazprom-Sibneft Merger

European Commission regulators announced that they have cleared a merger deal between Russia?s natural gas monopoly Gazprom and the private oil producer Sibneft.

EC examines mergers between companies with a worldwide turnover of 5 billion euros ($5.84 billion) and cleared the deal under a fast-track procedure. The procedure set Nov. 22 as the end date for consideration. After this date the EC either had to approve the deal or announce more in-depth consideration.

Gazprom has paid $13 billion for Sibneft the Russian government control over more than 30 percent of the Russian oil industry.

The deal will realize Gazprom?s long-held aim of expanding further into oil production. The world?s largest natural gas producer, long groomed as a state energy giant to rival Saudi Arabia?s Aramco, came under state control in June when the government raised its stake above 50 percent.