Thursday, September 29, 2005

Oil: Russia's state controlled Gazpro buys Sibneft in $13 billion deal

The state controlled Russian gas giant Gazpro has taken control of Russia's fifth largest oil company, Sibneft, in a $13 billion stock purchase deal making it the largest corporate takeover in Russia.

The Russian Government now has direct control of almost 25 per cent of the country's 9.5 billion barrel per day (bpd) oil output.