"Russia is a country with big gas and oil potential so therefore we are interested in it, but there are currently no talks," Chief Executive Thierry Desmarest was quoted as saying at an annual shareholders' meeting. Earlier this week, Russia’s acting Economy Minister German Gref said Total had not received any political approval from the Russian government to buy a stake in Sibneft.

Quoting Robert Castaigne, Total's chief financial officer, the Financial Times reported last week that Total was interested in acquiring a stake in Sibneft "if the opportunity arises". The deal is estimated at $4bn. According to Mr. Castaigne, talks between the two groups have continued since negotiations broke down six years ago over a planned joint venture.

At the same time, he said any deal was unlikely until Sibneft fully dissolved its merger with YUKOS. Total is understood to be planning to hire Lehman Brothers as its investment bank to advise it on buying a stake in Sibneft, the Financial Times reported.

A number of companies were seen as possible buyers of Sibneft, including Royal Dutch/Shell, ExxonMobil and ChevronTexaco. But some analysts say Total is the most likely buyer.