July 19, 2008

Gazprom to Buy Stake in Pipeline Owner

Gazprom will buy a 25 percent stake in Daltransgaz, a part owner of a natural gas pipeline in Russia's Far East, the Russian gas monopoly said Saturday.

Gazprom will buy the Daltransgaz stake from Rosneft, the largest Russian government-owned crude producer, RIA Novosti reported.

Gazprom Chief Executive Officer Alexei Miller and Rosneft chief Sergei Bogdanchikov recently signed a cooperation agreement, the Russian news agency reported.

The acquisition will give Gazprom some access to the Daltransgaz pipeline from the island of Sakhalin to the port of Vladivostok via Khabarovsk.

In addition to Daltransgaz owning a share of the pipeline, the Russian Federal Property Management Agency holds a 27.39 percent stake, while the Khabarovsk Territory controls the remaining 47.59 percent.