Russia's Gazprom To Buy Majority Stake In Sibneft

28 September 2005 -- Russia's state-controlled Gazprom gas monopoly has agreed to buy a majority stake in the country's fourth-largest oil company, Sibneft.

The two companies issued a joint statement today saying they have signed a binding agreement. Under the accord, Gazprom will acquire a 72.6 percent stake in Sibneft for a purchase price of $13 billion.

(AP/AFP)