Gazpromneftegaz is contemplating the purchase of a 76.79 percent stake in Yukos' prize asset.
At its session Thursday, the Gazprom Board considered bid-related materials from Gazpromneft and the Deutsche Bank. The latter provides consulting services for the company with regard to strategic development of its oil operations.
Gazprom established Gazpromneft on November 1 this year. The subsidiary, registered in St. Petersburg, was set up as part of the second leg of Gazprom's overhaul, aimed at creating separate units for each of its specialization areas. Gazpromneft specializes in the production, transportation, and storage of oil and gas condensate.
In keeping with a Cabinet resolution, the government-owned stake in Gazprom will be increased from 38.37% to 50% plus 1 share through a merger with Rosneft. This latter company's oil assets are to be incorporated into Gazpromneft.
Gazprom produced 11 million tons of oil and gas condensate in 2003. This year, its prospective output of liquid hydrocarbons is put at 11.9 million tons.
Rosneft's production of oil and gas condensate last year came to 19.6 million tons; it is expected at 21.9 million tons by the end of 2004.
