Four months after Russia’s oil giant YUKOS announced its plans to merge with smaller rival Sibneft, the Ministry for Anti-monopoly Policy gave its formal approval to the deal on Thursday

The ministry laid down a list of conditions the new company, Yukos-Sibneft Oil Co., will have to observe. First and foremost, it will have to refrain from using its dominant position in the regional retail market. The announcement came less than an hour before the Moscow International Stock Exchange closed on Thursday, but that was enough time for the shares of both companies to start growing. The deal will create the world’s fourth-largest oil producer, behind BP, ExxonMobil and Royal Dutch Shell. According to the document adopted by the Anti-monopoly Ministry, ''YUKOS Oil Company is allowed to purchase up to 100 per cent in Sibneft Oil Company.'' At the same time the ministry lays down a set of conditions the new oil giant will have to observe. In particular, the ministry said in its ruling that the new company would have to refrain from using its dominant position in regional retail markets to force out smaller players. The company will also have to make it possible for other companies to participate with it in new construction projects and allow other producers access to its refineries.