Gazprom To Become Global Energy Giant

Gazprom, Russia's gas monopoly and the world's biggest gas producer at the same time, can easily finance the acquisition of Yukos’ main production unit Yuganskneftegaz by tapping international markets, analysts said on Tuesday. Monday the head of Gazpromneft, Gazprom's oil subsidiary, said on Tuesday the board had decided to bid for the Yugansk unit, which produces 1 million barrels per day. Bidding starts at a minimum of 246.75 billion roubles, ($8.74 billion) on Dec. 19, below a low-end valuation of $10.4 billion by investment bank Dresdner Kleinwort Wasserstein undertaken for the government.