Invest Union (formerly Gazpromneft) is a Russian company based in
St. Petersburg
Saint Petersburg ( rus, links=no, Санкт-Петербург, a=Ru-Sankt Peterburg Leningrad Petrograd Piter.ogg, r=Sankt-Peterburg, p=ˈsankt pʲɪtʲɪrˈburk), formerly known as Petrograd (1914–1924) and later Leningrad (1924–1991), i ...
and a former subsidiary of
Gazprom
PJSC Gazprom ( rus, Газпром, , ɡɐzˈprom) is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. As of 2019, with sales over $120 billion, it was ranked as the larges ...
. It is not to be confused with
Gazprom Neft
Gazprom Neft (russian: Газпром Нефть; formerly Sibneft, russian: Сибнефть, link=no), is the third largest oil producer in Russia and ranked third according to refining throughput. It is a subsidiary of Gazprom, which owns about ...
(formerly
Sibneft
Gazprom Neft (russian: Газпром Нефть; formerly Sibneft, russian: Сибнефть, link=no), is the third largest oil producer in Russia and ranked third according to refining throughput. It is a subsidiary of Gazprom, which owns about ...
), which is another company.
On 19 December 2004, Gazpromneft (along with
Baikalfinansgrup
Baikalfinansgrup (russian: Байкалфинансгруп) is a Russian limited liability company owned by Rosneft Oil Company. It is best known as the company that won the December 19, 2004 auction for a 76.79% share in Yuganskneftegaz, forme ...
) participated in a State-run auction for former
Yukos
OJSC "Yukos Oil Company" (russian: ОАО Нефтяна́я Компа́ния Ю́КОС, links=no, ) was an oil and gas company based in Moscow, Russia. Yukos was acquired from the Russian government by Russian oligarch Mikhail Khodorkovs ...
subsidiary
Yuganskneftegaz
Yuganskneftegaz (russian: Юганскнефтегаз) is a wholly integrated subsidiary of Rosneft that owns and operates the second largest oil production complex in Russia. It was formerly the most important production subsidiary of Yukos, bu ...
. At the time of the auction, the CEO of Gazpromneft was
Sergey Bogdanchikov
Sergey Mikhailovich Bogdanchikov (in russian: Серге́й Михайлович Богданчиков, born August 10, 1957, in Severny District, Orenburg Oblast, Soviet Union) is a Russian manager.
He received a degree from Buguruslansky Gas ...
, the then and current President of
Rosneft
PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian Vertical integration, integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, Extraction of petroleum, extraction, production, refining, Petroleum t ...
.
Gazpromneft did not place a bid at the auction, allowing
Baikalfinansgrup
Baikalfinansgrup (russian: Байкалфинансгруп) is a Russian limited liability company owned by Rosneft Oil Company. It is best known as the company that won the December 19, 2004 auction for a 76.79% share in Yuganskneftegaz, forme ...
to obtain
Yuganskneftegaz
Yuganskneftegaz (russian: Юганскнефтегаз) is a wholly integrated subsidiary of Rosneft that owns and operates the second largest oil production complex in Russia. It was formerly the most important production subsidiary of Yukos, bu ...
at the lowest bid, which was less than half
Yuganskneftegaz
Yuganskneftegaz (russian: Юганскнефтегаз) is a wholly integrated subsidiary of Rosneft that owns and operates the second largest oil production complex in Russia. It was formerly the most important production subsidiary of Yukos, bu ...
's market value at the time.
Four days later, on 23 December 2004,
Baikalfinansgrup
Baikalfinansgrup (russian: Байкалфинансгруп) is a Russian limited liability company owned by Rosneft Oil Company. It is best known as the company that won the December 19, 2004 auction for a 76.79% share in Yuganskneftegaz, forme ...
was purchased by
Rosneft
PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian Vertical integration, integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, Extraction of petroleum, extraction, production, refining, Petroleum t ...
, causing considerable controversy as to the propriety of the auction.
References
{{Portal, Russia, Energy
Oil companies of Russia
Companies based in Saint Petersburg