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 purity of today will invest us like a breeze,
Only be hard, spare, ironical: something one can
Tip one’s hat to and still get some use out of.”
—John Ashbery (b. 1927)
“Visitors who come from the Soviet Union and tell you how marvellous it is to be able to look at public buildings without advertisements stuck all over them are just telling you that they can’t decipher the cyrillic alphabet.”
—Clive James (b. 1939)