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Gazprom advances
A $99m investment in a service-station network in Kyrgyzstan looks incongruous in Gazprom's vast and expanding energy portfolio. But the acquisition furthers two of the gas giant's important goals: to expand into the oil business and to establish a dominant position in former-Soviet Central Asia, writes Isabel Gorst
Gazprom broke into the world of oil when it took over Sibneft, Russia's fifth-biggest producer last year. Sibneft, renamed Gazpromneft in May, has no international assets, but the company's control over Omsk refinery in southern Siberia could provide a springboard for an advance into products retailing in bordering Central Asia. Russian majors, including Gazprom, have secured important upstream oil and gas assets in Central Asia, but the downstream sector has not yet been exploited. Alliance, a Russian independent with refining capacity in Ukraine and Russia's far east, agreed in July to sell its Kyrgyzstani retail stations for what Alexander Ryazanov, Gazprom's deputy chief executive (CEO), admitted was a bargain price. A joint venture, Gazpromneft-Central Asia, is expected to be set up this month. Ownership will be shared by Gazpromneft and Kyrgyzneftegaz, the state-owned oil and gas company. The venture also expects to acquire control of gas-storage units and a number of ...Click here to continue reading Gazprom advances
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