Rosneft denies plans to merge with Lukoil and Gazprom Neft to create Russian ‘mega oil producer’

Source: Rosneft

A spokesperson for the oil giant Rosneft has denied a report by The Wall Street Journal that the company is involved in any plans to merge Russia’s biggest oil producers into a “single national champion.”

On Tuesday, Rosneft’s representative told journalists that the Western press has unleashed an “unprecedented stream” of reports “with no connection to reality.” “Mr. Sechin’s devious intentions to acquire unnecessary assets have been thwarted,” the spokesperson joked, dismissing as “incoherent business logic” rumors that the company seeks to absorb rivals Lukoil and Gazprom Neft. Rosneft also said the WSJ report “may be aimed at creating competitive advantages in the interests of other market participants.”

Last week, The Wall Street Journal reported that “talks among executives and government officials” to create a Russian “mega oil producer” have been ongoing for the past few months.

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Rosneft denies plans to merge with Lukoil and Gazprom Neft to create Russian ‘mega oil producer’

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