RusEnergy

RBC, 30.10.2006, Moscow 18:39:17. Itera may decide not to sell a minority stake in its subsidiary Yugneftegaz, the gas group's CEO Vladimir Makeyev told journalists. The decision will depend on the results of the review by the company of the volume of the investment program for 2007, he said. As reported earlier, the company intended to sell a stake in Yugneftegaz in order to obtain a partner in large-scale exploration work in Kalmykia. Makeyev stressed that the company was resolute about it, and that the work required major investment. According to the chief executive, talks are meanwhile continuing with potential buyers, among them India's OIL India, China's CNPC, and Tatneft. The size of the offer is not disclosed. When asked about when the deal for the sale of a stake in Sibneftegaz to Gazprom would be closed, Makeyev declined to comment, because negotiations regarding the deal were still ongoing. The companies earlier planned to close the deal in October 2006.