Antimonopoly Ministry approves founding of Moscow Oil and Gas Company

The Antimonopoly Ministry has authorized the Central Fuel Company and the Sibir Energy company to found the Moscow Oil and Gas Company, a representative of the ministry told RBC. The authorized capital of the new company will reach about $290m.

Sibir Energy will make its contribution to the authorized capital in the form of shares in its oil producing enterprises in Western Siberia. The Central Fuel Company will contribute shares in the Moscow Oil Refinery, the Moscow Fuel Company, Mosnefteprodukt, and the Parkoil company.

The Moscow City Government owns 100% of the shares in the Central Fuel Company. Russian businessman Shalva Chigirinsky holds a 51% share in Sibir Energy. The Tatneft company and its affiliates hold another 33.3%.

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