Gazprom has purchased its major subcontractor

RUSSIA / FSU POLITICS - In Brief 29 Sep 2019 by Alex Teddy
The Russian natural gas supermajor Gazprom sealed the bargain on buying 100% of Stroygazmontach on September 26. Stroygazmontach is Gazprom's main subcontractor and is controlled by Arkady Rotenberg. The price is reported to be between USD 1.1 and 1.5 billion.Gazprom is thinking about buying another large subcontractor owned by Rotenberg - that is Gazprom Burenie which is a drilling company valued at USD 0.7 billion to 0.9 billion. If these sales go through it could indicate a change in governmental policy on infrastructure. Until now the president kept a close eye on large scale infrastructure projects. Those in charge of them were regular guests of his so he could monitor progress. But it seems that such projects are being brought in house by the state.StroyProyektHolding is another asset owned by Rotenberg. Not long ago it teamed up with VEB.RF which is the state development bank. In 2018 the bank was put under Igor Shuvalov who was once deputy prime minister. Shuvalov turned the bank into the main vector for public sector investment in the economy.VEB and Gazprom have been striving to purchase Rotenberg's assets. It has transpired that VEB acquired one asset and Gazprom acquired the other.

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