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. Last Updated: 07/27/2016

Sibir Scraps Stake Sale to Gazprom

Sibir Energy, the oil company partly owned by billionaire Shalva Chigirinsky, backed away from a plan to sell a majority stake to Gazprom after saying profit more than doubled on higher output.

First-half net income increased to ?44.3 million ($90 million), from ?21 million a year earlier, the company said Friday. Production gained 22 percent to 47,180 barrels of oil per day.

Chigirinsky said in July that his company was in talks to sell a controlling stake to Gazprom. Sibir had offered 50 percent plus one share to Gazprom to resolve a dispute over assets between the companies, Chigirinsky said.

Plans to sell a stake to Gazprom are "on ice," said Stuard Detmer, a member of the board and head of the company's oil refining and distribution.

"It'll take two sides to agree to that," Detmer said. "Right now we're not discussing it."