By Dino Mahtani in London and Catherine Belton in Moscow
Published: November 13 2007 04:07 | Last updated: November 13 2007 04:07
Gazprom, Russia’s state-owned energy company, is considering taking equity stakes in two London-listed oil companies that had hitherto faced problems with government regulators.
Timan Oil and Gas, the Aim-listed company with assets in Russia, announced last Thursday that it had signed a non-binding memorandum of understanding with Zapsibgazprom, a Gazprom subsidiary. Under the deal, Zapsibgazprom could invest up to $500m (£242m) in Timan’s oil fields. It also left open the possibility of Zapsibgazprom acquiring some of Timan’s shares.
The announcement came a day after Imperial Energy, also listed in London but with assets in Russia, said it had been approached by Gazprombank, the authorised bank for Gazprom, with an offer for 25 per cent of its shares.
Both companies have had problems with Russian authorities. Analysts claim the discussions with entities linked to Gazprom reflect a rising trend in Russia, where companies that operate there need state-friendly Russian partners to survive.
Some small companies operating in Russia have made good returns for shareholders from their assets, but have been helped by overcoming regulatory difficulties. One person close to Imperial said Gazprom could give the company protection, following accusations by another agency in the ministry of natural resources that the company was exaggerating its reserves.
Rosprirodnazor, the agency notorious for forcing Royal Dutch Shell to give a majority share of its Sakhalin-2 project to Gazprom, attacked Imperial for exaggerating reserves. In September, Oleg Mitvol, deputy director of Rosprirodnazor, clashed with Imperial by issuing a statement that the company called “materially misleading”, and that had forced its share price down.
Last month, a Russian court upheld a claim on an oilfield by Timan. The company had challenged a ruling by Rosnedra, an agency within Russia’s natural resources ministry, which had delayed one of Timan’s exploration licences.
However, Alexander Kapalin, Timan’s chief executive, said the court victory had had little to do with the Gazprom proposal. “We always had a strong legal position, this is why we have raised capital and always got our auditors to sign off,” he said.
Gazprom said it was not interested in Imperial, and that Gazprombank’s bid was one of “hundreds” of such proposals made by Gazprombank.
Copyright The Financial Times Limited 2007
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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