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Russian natural gas giant Gazprom is seeking to buy at least a 50 percent stake in the newest jewel of its rival oil giant, Rosneft: Tomskneft. The effort shows that Rosneft and its clan no longer have the upper hand in Russia –- and that balance between the oil majors, or even a tipping toward Gazprom, could be on the way.
Tomskneft was the largest subsidiary of the now-bankrupt Yukos oil company. It controlled a series of small oil fields producing a total of approximately 240,000 barrels per day, refineries and a central Siberian pipeline network. Gazprom and Rosneft fought fiercely over it during a series of Yukos auctions in April. Though the Kremlin told the companies to split the spoils equally to maintain balance between them, Rosneft ended up sweeping up most of the assets.
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