Russia May Create New Oil Giant

Russia is mulling the creation of a new state-owned oil super-major based on holding company Rosneftegas, which already has 75% of oil company Rosneft and 10.74% of Russian gas monopoly Gazprom, according to a report yesterday.

The report said other assets would be bundled into Rosneftegas, including privately owned Surgutneftegas and state-owned Zarubezhneft, and the combined operation would produce more than 3.5million barrels of oil equivalent per day.


Russia has cut oil supplies to Germany by a third, a report said. A trading dispute involving supplies from Lukoil, which is said to be seeking better prices, has been blamed.