Three Russian banks to form gas extracting company

Sberbank, VTB and Gazprombank plan to issue 120 billion rubles to establish Severenergia, a company with Yukos assets, Vedomosti reports.

Sberbank will provide half the sum, VTB - 30%, Gazprombank - 20%. They have already made a deal and are now carrying out internal procedures.

Severenergia will be one of the largest Russian independent gas companies after Novatek. 51% of its shares belong to Gazprom Neft and Novatek, the rest to Italian companies Eni and Enel. The Italian side purchased 20% of Gazprom Neft when it went bankrupt in 2007 and sold the share to Gazprom. Gazprom sold the share to Gazprom Neft and Novatek in late 2010.

Severenergia will need 242 billion rubles by 2020.

Gazprombank and VTB signed a deal on construction of the Western Speed Diameter with financing of 120 billion rubles, CEO of Gazprombank Andrey Akimov said.