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The Russian government last week secured majority control of Gazprom's board at its annual general meeting (AGM). The news enhances the power of chief Alexei Miller, appointed by the Kremlin last month as part of a long-term plan to secure control of the gas giant's cashflow and halt alleged asset-stripping by senior management.
The government, which owns 38.4pc of Gazprom, now has six seats on the 11-member board, up from five. Former chief Rem Vyakhirev remains board chairman but analysts suggest his role will be limited, as the government begins to grapple with the thorny question of how to restructure the firm.
Sources close to Gazprom tell Argus the …