The Moscow city government may seek a blocking stake in London-listed oil firm Sibir Energy PLC (SBE.LN) and operate the company jointly with OAO Gazprom Neft (SIBN.RS), the Vedomosti daily reports Monday citing a Moscow deputy mayor.
The Moscow government has opposed a move by state-controlled oil major Gazprom Neft to take control of Sibir Energy. The city - now holding around 18% of Sibir's shares - will initiate talks with Gazprom Neft to get a blocking stake, Moscow Deputy Mayor Vladimir Silkin said.
Sibir and Gazprom Neft jointly operate the strategically important Moscow Refinery. The city government, which holds an 18% stake in Sibir, has repeatedly tried to block Gazprom Neft's efforts to take control of the refinery.
Moscow officials hope the city's government will increase its stake in Sibir to 25.3% with Gazprom Neft holding the rest, an unnamed source close to the city's administration said. The city is seeking an option to buy a 6% stake from Gazprom Neft before end-2010, the person said.
Earlier this year, Gazprom Neft spent around $1 billion for 48.77% of Sibir's shares, including most minority shares.
The destiny of a 23.5% stake in the company - originally belonging to Russian businessman Chalva Tchigirinski - is being decided in a London court.
Trading in Sibir shares was suspended in February pending erroneous disclosures about controversial real estate dealings with Tchigirinski.