"We are certain that the consolidation of assets and personnel into the state oil and gas holding [Gazpromneft] will help strengthen the state's control over subsoil use and more effectively protect Russia's economic interests," the spokesman said.
Gazprom head Alexei Miller said that in exchange for 10.7% of Gazprom (the assets of its subsidiaries), Zarubezhneft and 100% of Rosneft could be transferred to Gazprom.
According to him, a preliminary valuation of the package of Gazprom shares needed for the state to directly control the company (10.7%) is much more than 100% of Rosneft.
"If this valuation is confirmed," he said, "one of the options in the deal may be to transfer the package of Zarubezhneft shares which will be sold in the near future to Gazprom as payment."
"Such a possibility will be taken into consideration in determining the structure of the deal and enumerating the shares to be valued," he added.
He said Dresdner Kleinwort Wasserstein did the preliminary valuation based on the public information about Gazprom and Rosneft.
Mr. Miller noted that Gazprom was finishing preparing all the necessary documents to register Gazpromneft, its subsidiary. "It was decided to register the company in St. Petersburg," he said.
The Gazprom-Rosneft merger will create Gazpromneft, which will control all of Rosneft's assets.
Because of the exchange of Gazprom shares for Rosneft shares, the state's participation in Gazprom will increase to 50% plus one share.
Zarubezhneft was founded in September 1967 as a specialized foreign economic association of the Soviet Ministry of Oil and Chemistry.
The enterprise was created to perform foreign economic and industrial functions in the sphere of exporting goods and services, delivering equipment and materials and providing technical assistance for oil and gas projects abroad.
Zarubezhneft directly participated in or coordinated the construction of large oil facilities in Algeria, Vietnam, India, Iraq, Yemen, Libya, Syria, Cuba and many other countries.
In February, the president signed a decree on transforming Zarubezhneft into an open joint stock company, however, the transformation has not been completed yet.
