Gazprom Neft, the oil arm of energy giant Gazprom, has bought a 22.39% stake in Sibir Energy, which develops oil and gas fields in Siberia, from Central Fuel Company controlled by the Moscow government for $740 million, Gazprom Neft said on Tuesday.
On February 14, the Sibir Energy board of directors adopted a resolution to reduce the company's share capital by 86.25 million shares or 22.39% while Central Fuel Company decided to get out of Sibir Energy.
Gazprom Neft has now become the sole shareholder of Sibir Energy.
"Gazprom Neft will pay $740 million in compensation to Central Fuel Company for the previously held block of shares in Sibir Energy," the company said.
MOSCOW, February 15 (RIA Novosti)