SAMSUN (South Korea), November 17 (RIA Novosti) - The Federation Council, the upper chamber of the Russian parliament, could approve amendments to the law on gas supplies concerning the lifting of the "ring fence" around Gazprom's shares by the end of 2005, a parliamentarian said Thursday.
The move will be possible if the State Duma, the lower chamber, approves a raft of documents during a session on December 9, Valery Yazev, the chairman of the State Duma's committee on energy, transportation and communications, said.
He added that the State Duma would review the amendments allowing foreign investors to buy local shares in the gas monopoly in the first reading on November 23, and in the second and third reading on December 9.
Under restrictions introduced in the 1990s to prevent a foreign takeover of Gazprom, non-residents are allowed to buy up to 20% of the company's common shares. The removal of restrictions on ownership of Gazprom stock will open up full foreign access to shares. The "ring-fence" on Gazprom shares will be removed on the condition that the state increases its stake in the mega-company to 50% plus one share.
At present, legal entities and individuals resident in Russia can purchase Gazprom's common shares on the St. Petersburg Stock Exchange, the Moscow Stock Exchange and the Yekaterinburg Stock Exchange.
