Gazprom Neft acquires 16-per cent stake in Sibir Energy

24 April 2009

Gazprom Neft, the oil arm of Russian giant Gazprom, said that it has acquired 16-per cent stake in London-listed Sibir Energy.

Sibir produces oil in Siberia through its Salym Petroleum Development venture with Royal Dutch Shell.

The deal, expected to cost about 307 million pounds, values the company at $1.9 billion pounds, analysts said.

"We are pleased to have become a significant minority shareholder in a company that we regard as a world-class asset," Gazprom chief executive Alexander Dyukov said in a statement announcing the acquisition.

Gazprom Neft on Thursday bid for a minority stake in Sibir, prompting larger peer TNK-BP Ltd, the BP Plc joint venture and Russia's third- largest oil company, to withdraw a lower offer for the same company made hours before.

TNK-BP, was offering 430 pence for a share of Sibir.