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Bloomberg: Gazprom Neft Offered Control of Sibir Assets, Vedomosti Says

By Lucian Kim

May 22 (Bloomberg) — Sibir Energy Plc, a London-based company that extracts oil in Russia, may create a new venture with OAO Gazprom Neft by pooling together common assets, Vedomosti reported today.

Sibir billionaire shareholder Shalva Chigirinsky told the Moscow-based newspaper that he is ready to put aside years of court cases with Gazprom Neft, formerly known as OAO Sibneft, by giving it control over a new company that incorporates disputed assets.

President Vladimir Putin has forwarded Chigirinsky’s proposal for review by the Economy Ministry, Vedomosti said. Gazprom Neft is opposed to the plan because it would dilute its control over production assets, the newspaper said, citing an unnamed company official.

Sibir has been embroiled in disputes with Sibneft, now OAO Gazprom’s oil arm, over ownership of the Sibneft-Yugra development and the Moscow Oil Refinery. Chigirinsky’s proposal would pool these assets with Mosnefteprodukt and a chain of filling stations in Moscow region, Vedomosti said.

(Vedomosti 5-22 b1) To contact the reporter on this story: Lucian Kim in Moscow at [email protected]

Last Updated: May 22, 2007 03:15 EDT

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