27 May 2004 03:56
State to increase its stake in Gazprom - Gref (Part 2)
MOSCOW. May 27 (Interfax) - The state plans to increase its stake in Russian gas giant Gazprom, Economic Development
and Trade Minister German Gref said at a press conference on Thursday.
"These plans exist, but I am not yet able to say how and in what form this will happen," he said.
"Terms for liberalizing the concern's share market will not be postponed, it is expected to go ahead this
year," Gref said.
Gazprom Chairman Alexei Miller said the government's stake should be increased from the current 38%.
"The government's role should grow, it is important to keep Gazprom together, important if Russia plans to
compete with leading foreign players," Miller said.
The aim of liberalizing the Gazprom share market is to merge the domestic and foreign share markets. The
liberalization process will include complete freedom of circulation for Gazprom shares on the domestic market, including
share trading on all floors with a Federal Securities Commission license and lifting restrictions on depository
registration of shares belonging to Russian investors. In addition, a 20% quota for foreign players is to be filled and
a unified depository to register foreign investors' rights is to be created. [RU EUROPE ASIA EEU EMRG ENR ELG NGS
STX] rd me
[Interfax] |
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