Yukos Oil Co, Russia's second oil producer, has gained control of NNGK Sakhaneftegaz, a Siberian oil company that plans to explore for crude in the region and export it to China. Yukos acquired about 20 per cent in Sakhaneftegaz during a sale of new shares to a limited number of investors.
With Yukos's affiliated companies holding additional stakes in Sakhaneftegaz, the purchase takes its control to more than 50 percent, Interfax said. Sakhaneftegaz this year has been swapping new equity for shares in its subsidiaries, Yakutgazprom and Lenaneftegaz, in which Yukos acquired 28 percent stakes last year.
Sakhaneftegaz holds an exploration license to a Siberian field with 124 million tonnes of oil reserves (909 million barrels), enough to supply France for more than a year.