As oil prices rebound -- almost doubling in price per barrel since December -- Russian oil giant OAO Gazprom's oil arm
may issue up to $1 billion in bonds to support its quest for acquisitions.
Gazprom Neft's chief executive Alexander Dyukov said it is in talks with Russian oil firm Russneft and could buy the midsized company. He also said that Gazprom Neft could buy Kazakhstan's Pavlodar refinery and Slovenia's top fuel retailer Petrol, a Reuters report noted.
Also, Gazprom Neft has been slowly building a stake in Sibir Energy plc. The Deal Pipeline
notes (subscription required) Sibir has been a target since February, when the company began an investigation into funds it claims former director and major shareholder Chalva Tchigirinski diverted. So far, Gazprom has about a 34% stake in the oil exploration company, which
just reappointed Stuard Detmer to the role of CEO.
It seems dealmaking in the region is heating up. In late May, Houston oilfield services provider Weatherford International Ltd. said it would
acquire the oilfield services unit of Russia's third-largest oil producer, TNK-BP, for shares worth about $490 million.The Russian government itself has been increasing its clout in the sector, buying stakes in companies during the downturn. For example, last week state-owned bank Vnesheconombank bought a stake in the country's largest private oil company OAO Lukoil. And on Friday,
Lukoil said it would pay $725 million
for a stake in a Dutch refinery owned by France's Total SA, blocking a bid for the holding from Valero Energy Corp. (NYSE:VLO). -
Baz HiralalReuters story on Gazprom deals
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