Invest Union (formerly Gazpromneft) is a Russian company based in St. Petersburg and a former subsidiary of Gazprom. It is not to be confused with Gazprom Neft (formerly Sibneft), which is another company.
On 19 December 2004, Gazpromneft (along with Baikalfinansgrup) participated in a State-run auction for former Yukos subsidiary Yuganskneftegaz. At the time of the auction, the CEO of Gazpromneft was Sergey Bogdanchikov, the then and current President of Rosneft.
Gazpromneft did not place a bid at the auction, allowing Baikalfinansgrup to obtain Yuganskneftegaz at the lowest bid, which was less than half Yuganskneftegaz's market value at the time.
Four days later, on 23 December 2004, Baikalfinansgrup was purchased by Rosneft, causing considerable controversy as to the propriety of the auction.
Famous quotes containing the words invest and/or union:
“The true thrift is always to spend on the higher plane; to invest and invest, with keener avarice, that he may spend in spiritual creation, and not in augmenting animal existence. Nor is the man enriched, in repeating the old experiments of animal sensation; nor unless through new powers and ascending pleasures he knows himself by the actual experience of higher good to be already on the way to the highest.”
—Ralph Waldo Emerson (1803–1882)
“So we grew together
Like to a double cherry, seeming parted,
But yet an union in partition,
Two lovely berries moulded on one stem.”
—William Shakespeare (1564–1616)