Gazprom's Interest In Beltransgaz Rises To 37.5%

Russian natural gas giant Gazprom has transferred another US$625mn to Belarus for an additional 12.5% stake in Belarusian pipeline operator Beltransgaz, bringing its total interest in the company to 37.5%. In December 2006, Russia and Belarus agreed a deal allowing Gazprom's incremental purchase over four years (2007-2010) of a 50% stake in Beltransgaz for US$2.5bn. The deal emerged out of a dispute between the two neighbours over gas prices and oil transit fees that resulted in Russia temporarily cutting off oil exports to Belarus in January 2007.

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