YUKOS plans to develop natural gas business

Russia's oil major YUKOS plans to develop its natural gas business, President of the company's exploration and production unit YUKOS EP, Yury Beilin reported. Beilin said that the company hoped that the situation regarding natural gas market's liberalization would develop favorably in Russia. Earlier this month Deputy Economic Development and Trade Minister Andrey Sharonov said Russia's Economic Development and Trade Ministry planned to reach an agreement with Russian gas giant Gazprom on the concept of gas market liberalization, which envisaged considerably stripping Gazprom of its monopolistic position, by September 1.

Beilin also said that the gas deposits the company had acquired recently contained considerable reserves. He specified that in the short term YUKOS did not plan to become a gas exporter, the Russia Journal reported.