Gazprom, Largest in Natural Gas, to Boost Oil Role

OAO Gazprom Chief Executive Alexei Miller said he plans to build the world’s biggest energy supplier, from oil and gas to electricity, as the Kremlin pays $7.1 billion to gain direct control of the company.

Gazprom and its units have transferred 10.7 percent of the company to the government, which will pay cash for the stake by Dec. 25, the company said today in an e-mailed statement. Gazprom will use the money to buy oil, gas and power assets in Russia and abroad, Miller told shareholders today in Moscow