Russian Cabinet: Merger of Oil Giants is "Positive"

The Russian Cabinet describes the merger of two Russian oil giants YUKOS and Sibneft as positive. The Russian government believes that it will result in higher competitiveness of Russian oil companies on the world market, Russian Prime Minister Mikhail Kasyanov said at his meeting with journalists in Rybinsk (Central Russia).

"Consolidation of such companies will surely result in higher competitiveness of Russia on the world's oil market. It is an important and positive event," Mikhail Kasyanov said.

According to the Russian Prime Minister, the merger of YUKOS and Sibneft will make it possible to set up "the largest oil company in the Russian Federation and Russia will only gain from it." "We need a flagship in oil industry," Mikhail Kasyanov stressed.

He also pointed out that such a merger would increase capitalisation level of the company and will make it one of the leaders of the Russian business.

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