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. Last Updated: 07/27/2016

Sibir Energy Offers to Share Assets

Sibir Energy, a London-based company that extracts oil in Russia, may create a new venture with Gazprom Neft by pooling together common assets, Vedomosti reported Tuesday.

Sibir billionaire shareholder Shalva Chigirinsky told the newspaper that he is ready to put aside years of court cases with Gazprom Neft, formerly known as Sibneft, by giving it control over a new company that incorporates disputed assets.

President Vladimir Putin has forwarded Chigirinsky's proposal for review by the Economic Development and Trade Ministry, Vedomosti said. Gazprom Neft is opposed to the plan because it would dilute its control over production assets, the newspaper said, citing an unnamed company official.

Sibir has been embroiled in disputes with Sibneft, now Gazprom's oil arm, over ownership of the Sibneft-Yugra development and the Moscow Oil Refinery. Chigirinsky's proposal would pool these assets with Mosnefteprodukt and a chain of filling stations in Moscow region, Vedomosti said.