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. Last Updated: 07/27/2016

State Control of Gazprom in Sight

The state appeared to have won its battle to take a majority stake in gas monopoly Gazprom when its financial vehicle Rosneftegaz said on Friday it had finished acquiring a vital 10.74 percent stake.

Rosneftegaz said in a regulatory filing that it had raised its stake in Gazprom on Friday from 5.91 percent to 10.74 percent, the amount the Russian government needs to get majority control.

Rosneftegaz has yet to transfer the shares to the state, which has yet to pay for them.

Russia says it needs a majority holding before it can liberalize Gazprom's shares and allow foreigners to buy them. Foreigners are currently restricted to buying Gazprom's London-listed proxy shares, which are more expensive.