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Gazprom Neft Gets 100% of Sibir Energy

Gazprom Neft became the sole shareholder in Sibir Energy on Tuesday after the city of Moscow agreed to withdraw from the oil unit.

Sibir Energy's board voted Monday to reduce its charter capital by 22.4 percent, the amount previously owned by Tsentralnaya Toplivaya Kompania, a company affiliated with the Moscow administration, Gazprom Neft said Tuesday in an e-mailed statement.

Tsentralnaya Toplivaya Kompania will receive $740 million compensation, paid by Sibir Energy, Gazprom Neft's press service said.

Sibir Energy, which was delisted in London in 2009 following an investigation into former shareholders, owns half a Siberian oil production venture with Royal Dutch Shell. The venture last year contributed more than 80,000 barrels a day to Gazprom Neft's output, according to the company.

Gazprom Neft spent $2.51 billion building up a stake of about 80 percent in the company between April 2009 and May last year. In July, it sold about 3 percent to Moscow, the oil producer said in its third-quarter financial statement.

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