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The news that Gazprom is to take control of Rosneft looks set to dramatically change the landscape of Russia's oil and gas industry. But the union may prove difficult to pull off.
Premier Mikhail Fradkov announced the merger plan on 14 September at a televised meeting with President Vladimir Putin.
Gazprom chief Alexei Miller says the firm will transfer enough of its own shares to the state in exchange for Rosneft to give Russia a 50pc plus one share stake in the company. The shares will come from 16.2pc of Gazprom held by the company's subsidiaries.
Most analysts agree that Rosneft's value, seen at $4bn-5bn, matches that of the shares that will be …