Russia’s Gazprom to Buy Stake in Oil Firm

From Associated Press

Gazprom, the world’s largest natural-gas producer, has agreed to buy a majority stake in the Sibneft oil company in a $13-billion deal that will significantly further the state-controlled company’s stature in the oil sector as Russian President Vladimir V. Putin moves to recapture government influence in the lucrative energy industry.

Moscow-based Gazprom, which came under state control in June when the government increased its stake to more than 50%, has long been groomed as a state energy company to rival Saudi Arabia’s Aramco.

The firms said an agreement was signed between Gazprom and Sibneft’s owner, Millhouse Capital, a holding company controlled by Russian billionaire Roman Abramovich.