By OGJ editors
HOUSTON, May 15 -- OAO Sibneft said shareholders agreed at an extraordinary general meeting on May 13 to change the company's name to OAO Gazprom Neft to reflect Gazprom's acquisition of a majority of Sibneft stock.
Gazprom executives plan a May 25 meeting to review Gazprom Neft's integration. Gazprom acquired 72.7% of Sibneft for $13.1 billion in a transaction that raised Gazprom's total stake in Sibneft to 75.7% (OGJ, Oct. 10, 2005, p. 35.)
The Sibneft name will be retained at the company's retail service station network.
For 2004, Sibneft reported worldwide reserves of 2.366 billion bbl of oil and 551 tcf of natural gas. It produced 250 million bbl of oil and an estimated 49 bcf of gas during the year and had assets totaling $10.26 billion (OGJ, Sept. 19, 2005, p. 44).