Gazprom CEO says energy giant to sell 16% stake in Gazprombank in 2011

Russian gas giant Gazprom has made the decision to sell 16.7 percent of Gazprombank, one of the top five banks in Russia, as soon as this year, CEO Alexei Miller told journalists on the sidelines of the St. Petersburg International Economic Forum on Friday.

“The decision has already been made and the assets for us are non-profile. I believe that [the sale] could occur already this year,” Miller said.

According to bank documents, Gazprom directly owns 41.72% of the stocks, and another 6.6% is owned by Novye Finansovye Tekhnologii.

Miller said Gazprombank’s presence in Gazprom’s reporting negatively affected the debt/EBITDA ratio.

“If we retain the blocking stake or less, this negative influence will disappear,” he said.

Miller said Gazprom is currently assessing the cost of the stake to be sold.

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