Russian state Gazprom Neft and the Moscow city government have signed a memorandum of cooperation on running the former UK-listed Sibir Energy, signaling the demise of yet another independent Russia- focused midsize producer. "We have long been waiting for this moment ... to enter Sibir's shareholding and develop its potential to later pass governance of the company to the state," Moscow mayor Yuri Luzhkov said at the signing ceremony. He added that the plan was approved by then president Vladimir Putin several years ago. "Sibir will now be governed by the Russian federation."
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