This decision was made by the company's Board of Directors, reads a company press release.
Zarubezhneft was created in September 1967 as a specialized foreign economic association of the former Oil and Chemical Industry Ministry of the USSR. The enterprise was created to fulfill foreign economic and production functions in the field of exporting goods and services, deliveries of equipment and materials, rendering technical assistance in the realization abroad of oil and gas industry projects.
On February 3, 2004, the Russian president signed a decree "On transformation of the state enterprise 'Russian foreign economic association Zarubezhneft' into an open joint-stock company" with preservation of 100% of its stock in federal property.
The Federal Agency on Federal Property Management told RIA Novosti October 21 that the transformation of Zarubezhneft was over. The state owns 100% of the company's stock.
Dresdner Kleinwort Wasserstein is assessing Zarubezhneft, whose assets may be used in the Gazprom-Rosneft merger deal.
Gazprom Board Chairman Aleksei Miller told RIA Novosti that Zarubezhneft might be given to Gazprom together with 100% of Rosneft shares as payment for 10.7% of the gas concern's stock on the balance of its affiliates. In his words, this variant is possible if the preliminary assessment is confirmed, which says that the Gazprom package of shares necessary for the state to get immediate control over the company (10.7%) costs more than 100% of Rosneft shares. The preliminary assessment was made by Dresdner Kleinwort Wasserstein on the basis of public information about Gazprom and Rosneft.
During the deal on Gazprom-Rosneft merger, a company named Gazpromneft will be created, which will incorporate all assets of Rosneft. After Gazprom stock is exchanged for Rosneftstock, the share of the state in Gazprom will increase to 50% plus one share.
