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RIA Novosti

Business

Gazprom considers new acquisitions after Sibneft deal

15:10 03/10/2005

MOSCOW, October 3 (RIA Novosti) - Gazprom, Russia's state-controlled natural gas monopoly, could acquire new assets following the Sibneft deal in a bid to become the world's energy giant, a company official said Monday.

"Everything depends on the effectiveness and correctness of our strategy,"

Gazprom spokesman Sergei Kupriyanov said on radio station Echo Moskvy. "We are a fast-growing company, and we could be looking into some new deals."

Kupriyanov called the Sibneft acquisition a logical step. He said Gazprom was competing on foreign markets, where companies that have assets not only in the natural gas industry but also in oil and energy industries usually gain the strongest positions.

"Gazprom is becoming such a company - a global energy company," he said.

He also said the Sibneft deal would have an indirect impact on Russian citizens because a strong, competitive, and efficient company like Gazprom helped guarantee the stability of internal oil and gas markets.

"Thanks to this deal, the state will have another mechanism of control over stability and transparency on the energy, gasoline, and oil derivatives markets," the spokesman said.

Gazprom announced last Wednesday it would pay $13.1 billion for a 72.7% stake in Sibneft, Russia's fifth largest oil company.

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