Chelsea owner to net up to £8bn from oil deal

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Chelsea owner to net up to £8bn from oil deal
By Andrew Osborn in Moscow
Published: 10 September 2005

Russia's state-controlled energy giant Gazprom appears close to buying Roman Abramovich's oil interests as banking sources confirmed that the company was actively casting around for a multi-billion dollar acquisition loan. A deal could pay out anything up to $14bn (£8bn) for Mr Abramovich and his associates.

Mr Abramovich and his partners have put their 72 per cent stake in Sibneft, Russia's fifth-largest oil producer, on the market. It is widely known that the Kremlin is keen to bring as much of the country's lucrative oil industry under state control as possible and Mr Abramovich is known to be keen to exit a volatile market.

It is said that yjr billionaire Mr Abramovich does not need the hassle of being associated with a politically sensitive company. Sibneft's sale would swell his fantastic wealth still further and keep his already good relationship with the Kremlin in excellent standing.

Gazprom is on record as saying it would like to buy Sibneft but has been coy with details. Moscow-based banking sources said that Gazprom had held successful talks with Citigroup with a view to clinching a $10bn loan. Though a final loan deal has not yet been reached it is clear that Gazprom is getting close.
http://news.independent.co.uk/business/news/article311592.ece