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Surgutneftegaz oil co. buys into St. Petersburg's TV Channel 5

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ST. PETERSBURG, January 16 (RIA Novosti) - Surgutneftegaz [RTS: SNGS] has purchased a 20% stake in St. Petersburg's Channel 5, the Siberia-based oil producer said Tuesday.

"Surgutneftegaz has acquired 20% of shares in the St. Petersburg Television and Radio Broadcasting Company at an additional share issue by closed subscription," a spokesman for the oil company said.

As a new shareholder, the company does not plan to change the channel's editorial policy, he said.

"It's simply business, a stock market operation. The company does not intend to interfere with the journalists' work," the spokesman said.

The Channel 5 press service said it had no comment on the change in the company's ownership structure.

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