Gazprom To Buy Sibneft

Russia?s gas monopoly Gazprom raised its loan request by 20 percent to $12 billion, to finance its acquisition to buy a controlling stake in Sibneft, the fifth largest Russian oil company.

The banks ABN AMRO and Dresdner Bank agreed to underwrite about half of the amount, clearing the way for Gazprom to bid for Russia's No. 5 oil producer at any time, said the bankers, who declined to be identified.

Citigroup, Credit Suisse First Boston, Goldman Sachs Group and Morgan Stanley were asked to help raise the rest by this week, signaling Russia's biggest acquisition may be days away, the bankers said.

Gazprom is closing in on an acquisition that will give the government control of 30 percent of the crude oil pumped in Russia, the world's second-largest supplier.

"Gazprom is pushing aggressively and putting all its ducks in a row to get Sibneft," said Chris Weafer, head of strategy at Alfa Bank.

Sibneft spokesman John Mann declined to comment in a telephone interview from Omsk, where the company is holding 10th anniversary celebrations.

Gazprom spokesman Sergei Kupriyanov declined to comment, as did ABN AMRO spokesman Mark Bennewith. Dresdner spokesman David Waller could not be reached.

Sibneft shareholders last week eased the way for a takeover by rejecting a proposal to force any company buying more than 30 percent of Sibneft to make an offer to buy the rest.