MOSCOW, Dec 21 (AFP) - Russia's state-run gas behemoth Gazprom is to sell off its oil subsidiary but will pursue plans to diversify into the petroleum industry, a company spokesman was quoted as saying by the Interfax news agency Tuesday.
Gazprom's unit Gazpromneft had been expected to buy the main asset of Yukos oil giant, which was sold at auction Sunday, but it was awarded to an obscure firm called Baikalfinansgroup for 9.35 billion dollars (seven billion euros).
Analysts nonetheless expect the production jewel to eventually end up in Gazprom hands -- the company had been threatened with US legal action if it took part in the auction -- and President Vladimir Putin said Tuesday that a state firm could acquire the Yukos assets.
"The executive board deemed it necessary to divest the interest in Gazpromneft," Gazprom spokesman Sergei Kupriyanov told Interfax.
"The decision is subject to approval by the board of directors. The sale does not alter Gazprom's development strategy in the petroleum sector, nor will it affect the terms for increasing the state's interest in Gazprom and decision to liberalize the Gazprom share market," Kupriyanov said.
Gazprom is merging with state oil firm Rosneft, handing the government control of the world's largest gas producer.
The Russian state currently owns around 38 percent of Gazprom directly, a stake that will rise just above the 50-percent threshold as a result of the Rosneft transaction.
A so-called ring fence that currently limits foreigners' ownership of Gazprom is also due to be abolished, establishing a common share ownership structure for both foreign and Russian investors.
12/21/2004 17:19 GMT - AFP