The oil services business that Gazprom Neft (SIBN.RS) says it wants to sell, possibly in an initial public offering, is hard to value, says VTB, noting that the business's costs and revenue can't be determined accurately from its parent company's financial statements. Analyst Svetlana Grizan adds that any initial public offering of the business is most likely to be in 2011, and notes that the news is unlikely to have an immediate effect on Gazprom Neft's shares since the company has already been mulling the sale of the business for a couple of years.

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