Gazprom might not create an oil company producing 30 to 40m tons of oil per year in several years, analysts say. The gas giant will need a larger period to achieve its target. But the company has enough hydrocarbon reserves to reach its target, analysts notice.
The announced plans to create such a company are a positive factor for Russian stocks. Experts believe that Gazprom may enhance its transparency, as it will divide its accounting practices covering oil and gas businesses. Currently Gazprom`s oil business is not properly reflected in its statements.
Gazprom hopes that output of its subsidiary, which will be called Gazpromneft, will reach 30 to 40 tons of oil and gas condensate per year, which is almost equal to Sibneft`s results. Gazprom will be Gazpromneft`s 100-percent owner. In the long term Gazpromneft might issue its shares. But its parent company will hold a 51-percent stake in Gazpromneft.
Gazprom`s oil revenue totals RUR40bn (about $1.4bn) per year. The company plans to get $3bn to $4 bn in oil revenue in 4-5 years.
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