Russia is not considering handing over its overseas oil holding, Zarubezhneft, to gas giant Gazprom in return for Gazprom shares, a senior official was quoted as saying by Interfax.

Gazprom head Alexei Miller has suggested the government include Zarubezhneft, which is active in Vietnam, in a planned merger of state oil firm Roseneft with Gazprom to push the state stake in the combined company over 50 per cent.
But Valery Nazarov, head of the Federal Property Fund, told Interfax that Zarubezhneft would not join Rosneft in a swap for a larger state stake in the world’s biggest gas firm.
“The Zarubezhneft issue is not being considered at all. (Zarubezhneft) is not part of
the scheme — the discussions only include Gazprom and Rosneft,” Nazarov was quoted as saying.
Russia is seeking to boost its direct stake in Gazprom to 50 per cent from 38.37 per cent now.
   Interfax news agency has also quoted government sources as saying that to buy Yugansk Gazprom might team up with its big German gas customer and 6 percent shareholder E.ON .
   Gazprom hired investment bank Dresdner Kleinwort Wasserstein to value Rosneft and Zarubezhneft.
((Reporting by Richard Ayton; Editing by Jane Baird; rm:richard.ayton.reuters.com@reuters.net; e-mail:richard.ayton@reuters.com; Moscow newsroom +7 095 775 12 42))

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Friday, 5 November 2004 17:54:40
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