Bloomberg News

Gazprom Plans to Rework Oil Business Strategy in First Quarter

December 12, 2008

OAO Gazprom plans to complete its new oil business strategy in the first quarter of 2009, as Russia’s largest energy producer seeks to boost output at crude producer OAO Gazprom Neft.

Gazprom management set April 1 as the deadline, the Moscow- based company said in an e-mailed statement today.

State-run Gazprom bought Gazprom Neft, then known as OAO Sibneft, from billionaire Roman Abramovich in 2005. The natural- gas producer wants to help Gazprom Neft raise output by letting it develop oil projects it holds under license.

To contact the reporter on this story: Lucian Kim in Moscow at lkim3@bloomberg.net

To contact the editor responsible for this story: Guy Collins in London guycollins@bloomberg.net


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