Gazprom To Reign Supreme Over Sibneft

Russian national gas monopoly Gazprom has officially confirmed that it plans to buy Yukos?s 20 percent stake of Sibneft as soon as it is unfrozen.

Gazprom already owns 75.6 percent of Sibneft and has the right to make strategic decisions at the company. Gazprom intends to buy the stake for less than market price, which was $3.413 billion yesterday.

The purchase of the stake will take place apparently in the second quarter of 2006 and that the purchase of the remaining 5 percent of the stock in minority shareholders? hands would take until the end of 2006. The gas producer denied to comment.