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Monday, June 22, 2009

Sechin quashes Surgut-Rosneft talk

I. Sechin06-19-2009 - Upstream OnLine - There are no plans to merge Russia's largest oil producer, state-controlled Rosneft , with its privately controlled peer Surgutneftegaz, Rosneft chairman and Russia's top energy official, Igor Sechin, said today. Speaking at Rosneft's annual shareholders' meeting, Sechin was addressing years of speculation that the Surgut could be merged with one of Russia's state energy majors, Reuters said. Separately, Sechin said the Russian government will support Surgut in its discussions with Hungarian player MOL. Surgut bought a 21% stake in MOL from Austria's OMV for €1.4 billion ($1.9 billion) in a surprise move earlier this year, earning the ire of MOL and Hungary's government. The company has said its intentions were friendly.

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