Russian oil groups merge

RUSSIAN oil giant Yukos yesterday completed its merger with smaller rival Sibneft, creating the world’s fourth-largest oil producer.

YukosSibneft becomes Russia’s largest oil and gas group with a market capitalisation estimated at some E30bn.

The merger, the largest in Russian corporate history, was carried out in less than six months, a speedy completion considering the raft of approvals needed from authorities.

“In the near future we will begin the process of making YukosSibneft a truly major player in the international energy market,” said Mikhail Khodorkovsky, head of Yukos.