Gazprom to outline strategy asTNK plans eyed

Tue Jun 10, 2008 3:37am BST
 
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By Tom Bergin

DEAUVILLE, FRANCE (Reuters) - Russia's Gazprom (GAZP.MM) will make a rare strategy presentation on Tuesday and investors will be watching for any plans to buy into TNK-BP (TNBPI.RTS), the Russian oil major half-owned by BP (BP.L).

Alexei Miller, Chief Executive of the world's largest gas producer, will lead the delegation on what the company describes as an "unprecedented" briefing to international media in the resort town of Deauville in Northern France.

A spokesman for state-controlled Gazprom said it was years since Miller had given a press briefing overseas but added he did not think an announcement about new ventures was planned.

Nonetheless, industry sources say Gazprom is interested in buying control of TNK-BP, where the world's third-largest non-government controlled oil company by market value, BP, is locked in battle with its Russian oligarch partners over control of the joint venture.

Gazprom investors and European gas executives will also be eager to hear more about the Russian export monopoly's growth plans for the European Union.

The company has indicated it would like to buy more gas pipelines and storage facilities across the continent and some EU politicians fear the gas giant's westward expansion will allow the Kremlin to exert more control over Europe's energy markets.

(Reporting by Tom Bergin; Editing by Erica Billingham)

 
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