Gazprom Neft, the oil arm of Russia’s Gazprom, has filed a request to the anti-trust watchdog to buy 100 percent of mid-sized oil company Sibir Energy, the competition body FAS said on Friday.

FAS said on its website www.fas.gov.ru it had extended the review
period for the request, originally filed on Aug. 21, as “the proposed
deal may restrict competition.”

Gazprom Neft confirmed it had filed the request and said it expected to
receive a resolution from the regulator within two-month period. Sibir
Energy declined to comment.

In its first-quarter report on Aug. 26, Gazprom said its subsidiaries
had accumulated a stake of 55 percent in Sibir Energy in recent months.
[ID:nWLA1887]

Sibir became Gazprom Neft’s acquisition target after Shalva
Chigirinsky, one of Sibir’s main shareholders, was forced to put up his
stake as collateral with state bank Sberbank to meet obligations on
Western loans.

The Moscow city government, which together with the Bank of Moscow
holds a 19.3 percent stake in Sibir Energy, has also said it wants to
boost its stake in the firm.

Source: Reuters

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