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)
“What should concern Massachusetts is not the Nebraska Bill, nor the Fugitive Slave Bill, but her own slaveholding and servility. Let the State dissolve her union with the slaveholder.... Let each inhabitant of the State dissolve his union with her, as long as she delays to do her duty.”
—Henry David Thoreau (1817–1862)