Russia’s VEB Upholds Gazprom Stake

2 December 2010 (Last Updated December 2nd, 2010 18:30)

Russia's Vnesheconombank's (VEB) is reiterating its recent acquisition of a 2.7% stake in Gazprom as a long-term strategic investment, according to VEB head Vladimir Dmitriyev. VEB has purchased the stake in the country's largest state-controlled gas export monopoly from E.ON Ruhrgas.

Russia's Vnesheconombank's (VEB) is reiterating its recent acquisition of a 2.7% stake in Gazprom as a long-term strategic investment, according to VEB head Vladimir Dmitriyev.

VEB has purchased the stake in the country's largest state-controlled gas export monopoly from E.ON Ruhrgas.

VEB head Vladimir Dmitriyev told RIA Novosti that they are not intending to sell it, because it is a long-term investment.

"We have acquired this stake to manage our surplus liquidity as a strategic investment," Dmitriyev said.

E.ON Ruhrgas had held a total 3.5% stake in Gazprom and sold the remaining 0.8% stake in the open market.

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