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Business news, 07.06.2005 19:00

Gazprom Stock Appraisal

Gazprom Gazprom stock appraisal is the more just the closer it is to company quotations in the Russian stock market, said Russian Economic Development and Trade Minister German Gref said.

The government is eager to purchase a 10.74% Gazprom block.

The corporate qualified appraisers, Morgan Stanley and Dresdner Kleinwort Wasserstein, proceeded for their calculations from Gazprom stock prices in the domestic and transnational markets alike. "But in this particular instance, it is the state who comes as purchaser, and the purchase is made in the domestic market," said Gref.

He did not say whether coordinated price would be closer to the Morgan Stanley appraisal.

Gazprom bought the involved stock at a price quite different from the present-day, Gref said.

The government purchase means to come in preparation to liberalize the Gazprom stock market, and so spectacularly promote its rising capitalization, he added.

The Economic Development and Trade Ministry and the Rosimuschestvo, or State Property Management Agency, will together represent the state for coordinated appraisal, with the board of directors to represent Gazprom, he said.

The St. Petersburg Stock Exchange roughly evaluates one Gazprom share at 80 rubles (some $3). Established in March 1997, it is presently Russia's only exchange to engage in Gazprom stock transactions.

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