However, the minister withheld comment on which banks would offer a loan to state-run Rosneftegaz to pay for the 10.7% of Gazprom shares.
Some media reported that Rosneftegaz intended to take up a syndicated loan from six Western banks, including ABN, Amro, and Dresdner Bank.
To take a controlling stake in Gazprom, Rosneftegaz bought 10.7% of its shares on the balance sheet of its subsidiaries: Gazprombank, Gazprominvestholding, Gazfond, and Gazprom Finance B.V.
After consolidating the shares, Rosneftegaz, i.e. the state, gained a controlling stake in the Russian gas monopoly, which was the main reason for liberalizing Gazprom's shares.
Payment on the deal is to be made in three payments: the first payment (due by July 23), the second payment (by October 25), and the final payment (by December 25, 2005).
